I am happy to report, to my surprise to be honest, that the firmware update appears to have fixed the problem with my Ares II. I have listened to about ten hours of music since the update and have not heard any pops/ticks. Although I feel it may be a little early to make any definitive conclusions, what I can say is that before the update i was invariably getting 1-2 pops/ticks per hour of playback. So for now, the pops/ticks are no longer present.
As whipsaw and fastcat95 had elaborated, I also thought the issue would be hardware related. However, no pops/ticks are emitted when the dacs are idle nor when playing a low level test tone, suggesting the issue is signal dependent to some degree. So maybe a firmware fix makes some sense?
I should get from Vinshine a firmware update for the Pontus II soon. Let's see what happens in this case.