I couldn't hear anything I would consider unusual. You could check valve lash. I would suspect it's just a tiny exhaust leak when everything is really cold and contracted. If you're not changing oil regularly it may not have the same viscosity. That's mostly a problem for hydraulic tappets, which I don't think this car has.
1989 740 Turbo - Parents bought new - 238K miles - Original clutch - 3rd turbo - Red leather interior
Turbo plus system - Aluminum hood - 1" sway bars - Oil pressure gauge - 3" turbo back exhaust with a magnaflow (no cat) all stainless - quad HID projector headlights
2nd car: 2004 S60R , The Phoenix. Got with a dead triple K turbo, now reborn with a GT3071R. Oversized PCV pipe, turbo gauge.