Mine does exactly the same thing.
Funny enough, it sounds like the exact same thing that my 2000 Neon did. On the Neon though, it was the sound the out-of-round pistons made before they warmed up and allowed the rings to seal properly.
I noticed that on the P5 the sound becomes apparent more frequently when the oil level is low.
Although it might be the VTCS, you might want to check your oil level too.