Determining the frequency will indicate whether it's the chain, front, or rear sprocket.
If it's one link in the chain the noise - feeling will occur with each full rotation of the chain.
Likewise if it's the front sprocket the frequency will be much higher.
With the bike on the center stand, or with the rear wheel free, and the chain tightened, rotating the rear wheel should give an indication of the source. And check with the cover on and then off as well.
Most probably the chain.
Ditch the teflon spray and get another chain lube.