Figures - had to try though..... damn... hope it doesnt go on me.

Heat shield contacting muffler prior to warm-up?
 

Does it occur only when the car is cold or @ every start-up?

Thought of that but its too short.... I still think its temp related but need to do some more testin

If it's the same sound I get, I was told it is the timing belt tensioner.
 

I'm not sure it is supposed to make that noise, but it's pointless to argue with the bastages at the shop.

Just had my timing belt tensioner replaced due to that noise. Warranty work.