Bell Ringing?

So my 98 Outback has started making a strange sound that sounds like a small bell ringing when I first start it up. I at first thought it was an exhaust shield but it is higher than that. It goes away after a few minutes of idling or driving.
My thoughts are maybe a timing belt tensioner or something? Any ideas?

 

starter bendix is about to go.

 

Any other thoughts?

 

Is it an automatic? just cold starts or every time? If it happens every time then you can bring it over one day after work an put it on the lift if you want