I currently have 5 Cherokees with the 4.0(an 87 first year 4.0, a 96, a 99 that had this noise, a 2000 being rebuilt due to cracked 0331 head, and my beloved SilverStone Metallic 2001. The night I bought my 99(back in September 2007) this noise appeared. I thought it was a bad lifter or cam lobe as well. It turned out to be #2 wrist pin egging out #2 piston. It sounds like this might be happening to your 4.0 in the early stages. If the sound increases with time, like starts to happen at idle, I would consider at least tearing her apart and replacing that piston/wrist pin. I drove mine for over 5,000 miles with that noise, with no damage other than the egged out piston, but there is the chance the piston could break apart.