My brother just had this same thing happen to a 2007 he picked up with 60K miles on it from a dealer. Apparently the previous owner had run it low on oil, and some oil debris knocked out the variable cam timing solenoid.
It then proceeded to diesel itself to death. Not pretty.
It got really bad when the truck was warmed up. If the noise went away on yours, I imagine whatever it was cleared itself out.
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