You need to send it back to Shimano. It has a bad Yoke and possibly a clutch problem. What's making the noise is the clutch is not lifting the pinion gear high enough to completely dis-engage it from the spool shaft. If it's not that then one of the pins on the spool that the VBS weight attaches to has come loose. Send it in and those guys will take care of it.

Here's Shimano's address:

1 Holland
Irvine, CA 92618

Make sure you send it with a note inside the box explaining what's happening and make sure you put your name and address on the note.:-