Originally Posted by Ronin
What is happening with yours is called piston slap. Pistons are slightly smaller then the cylinder they are in . This allows them to expand when they heat up.They are also not perfectly round but are cam ground(i think that is the term) This also allows for expansion when they get warm. That is why the sound goes away when the engine heats up.
He's right, but it's good to know that the sound can also be caused by cam-rocker contact points for the exact same reason: their clearances are closed up by the time they reach operating temperature, but until then they smack into each other. Another good reason not to rev hard on a cold engine.