Did it run under load for a few minutes or at idle? The cam is buried deep in the block, with a pushrod drivetrain for the valves. What are the details of the 'lack of oil' situation?
I just got my m1008 like a month ago. I just got new mud tires on it and wanted to test it, espcially after i pulled a stuck wrangler out of the spot i was in, well i got stuck, stuck up the front bumper and doors in muddy water slime crap. She sat for a few hours while we made every attempt go get it out, finally ending in paying a guy with a wrecker 5 bills. As we got back to the truck to pull it out, i noticed she was smoking more than usual, couldnt tell if it was oil burning or not. Long story short we get it pulled out and shortly after discover shes leaking oil pretty quickly. My house is only 5-10 mins out so i decide to shoot for it.
Well, as i get close to my house i hear what sounds like a glass marble bouncing around, in tune with the rpms of the motor, i took it as a sign she was critically low on oil but i was around the block from my house, so i got there and cut the engine asap. I get under and theres what looks like oil leaking from between the oil pan and tranny. Theres also some oil on my starter (but a second look shows none on top of the starter) and the filter. Shes not leaking oil while sitting, and i cant start her because the starter just clicks so im guessing its all gummed up.
That where im at... As far as the noise figure 2, maybe 3min tops. At first it was low so i didnt heed it as much but i went easier, i got to some small hills about a minute out from the house and thats when it became louder, thats when i cut back with throttle usage and went as easy as i could, after a block of hills i really didnt put her much passed idle, kinda coasted as best i could.
Man with my luck i roasted the engine so..