I have this same problem on my 02 boxster 2.7 with 146k miles.
I work for a service department at a Volkswagen dealership, and this sound is IDENTICAL, to the sound of a camshaft chain tensioner on a 1.8turbo Volkswagen engine. When the chain tensioner gets old it creates this noise upon startup. On the Volkswagens, this is typically because the tensioner is about to let go, seems like on the Porsche engine though this isnt the case.
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