If it only happens on a cold start my guess (I'm no expert so guess is the right word) might be chain tensioners or lifters. My 2000 S makes a nasty sound for about 1/2 second after startup but doesn't do it during the summer months, only when the weather turns a little cool. I have 10w-40 oil in it now and plan to change to 5w-40 or maybe even 0w-40 and see if that makes a difference.
Like I said, I'm not an expert so take it for what it's worth.
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