That's got to be the chain
If it was the rear sprocket,sprocket holder or wheel bearing is a bit oval, the chain would go tight every one revolution of the wheel. If it goes tight every revolution of the front sprocket ( nearly 3 x per revolution of the rear wheel) it would be a final drive problem but everytime the chain comes back to the same spot has to be the chain
There are only two ways I can think of to check it
1) get a micrometer and measure the distance between the centres of each link.
2) Check each individual link for tightness.
It could just be the chain is fine and either the grease is a bit thick at one point or the links are a bit tight and it just needs a little "running in" to loosen them up. Definitly a bit of a mystery though.
Pete