I had a similar noise on start up with my 200. I got under the car and found the two of the heat shields where the exhaust split were loose from rusty screws. I replaced the screws and added a pipe clamp and the sound went away. I also found mechanics could not pin point this and it went away after the car heated up.As mentioned previously, ticking noise when cold can be an exhaust manifold leak sound. It's possible that the sound goes away when the metal warms up and partially seals the crack/hole. This was very common on 100 series land cruisers.
Try to use a stethoscope, or even a tube to isolate if it's happening at a particular cylinder, if so, exhaust leak could be the cause, and new headers/exhaust manifolds could be the cure. If it is an exhaust manifold leak, the sound is really just an annoyance, without the likelihood of causing any damage. If the sound is coming from inside the engine, of course the cause could be more dire.