Use a motor stethoscope, or, the poor boys' way, a short dowel or a long screwdriver. Put one end on the engine and one end up to your ear, at various places on the engine.
If it is a really new engine, give it about 200 miles to settle in, then see if the noise doesn't subside. If it's still noisy, contact your rebuilder before your tear it apart, or you may void any warranty.