Yeah - what happens is that an air leak coming into the exhaust provides free oxygen so allowing unburnt fuel in the exhaust to ignite every few seconds. It happens quite a lot on highly tuned bikes on the over-run too, due to valve overlap and rich carburation - it's less common fuel injected bikes as there's less unburnt fuel about, but some modern bikes even have air injection into the exhaust on the over-run to burn this unburnt fuel and so clean up the emissions.
So as Doofle and I have said, it sounds like a bit of a rich mixture on the over-run, and /or a leaking exhaust....
arrrf.