As reported to the FAA. Reports are unverified, and codes are left as the FAA publishes them.
What was found
THE OIL PRESSURE LIGHT CAME ON 50 FT OFF THE GROUND FOLLOWED BY THE CHIP DETECTOR LIGHT. THEN A BUNCH OF LIGHTS CAME ON AND THEN THE ENGINE STARTED PRODUCING A LOUD BANGING NOISE. THE CAPTAIN SAID HE SHUT THE ENGINE DOWN AND DID AN AIR RETURN. R & R NR 2 ENGINE ASSY IAW WC 71-00-01S, OPS CHECKS AND RUNS WERE GOOD.