This sounds like what is referred to as "piston slap". This occurs when the pistons "rock" slightly as they move up/down in the cylinder bores. This is more of an annoyance than anything else & is not harmfull. In fact it's becoming WAY too common with today's engines (short piston skirts & low-tension rings) You can reduce & sometimes eliminate the noise by experimenting with different brands & weights of motor oils, or by doing a thorough de-carboning of the combustion chamber with sea-foam, dealer purchased de-carbing sprays, water mist with a spray bottle, or my personal favorites are at
www.lubecontrol.com
G/luck
Joel