Unfortunately it's very hard to diagnose that sort of thing without actually being able to hear it.
Does it change at all when cold? Hot? High rpm? Low? Things like that help a lot.
Most of the time a ticking is either a valve train issue or a injection issue. A bad lifter will make a definite ticking noise, as will a worn rocker or other valve train issue. Basically anything where there's slop in the valve train.
Try coast down a hill and shutting the engine off in gear (make sure you don't lock the steering) and seeing if it changes. If it's fuel related it will.
Given that it seems to be a sudden onset and related to oil level my best guess would be that you've got a lifter that's failed. But, that's just a guess.