Just from personal experience and hanging around a few engine builders over the years, but fwiw... When the noise goes away after a few minutes it's because warm oil flows more easily past obstructions and gets where cushioning is needed. It's likely the lifters that make noise briefly are plugged partially and taking longer to come up to useful pressure.
Fresh oil, especially one with strong detergents (or synth), can break deposits loose and cause the obstructions. That same effect may also break up the problem given enough time, just as flushes and solvents do quickly while possibly causing other issues.
No matter the oil, all hydraulic lifters leak down. The only time it might not happen is if a cold engine was started long enough to move some oil but not long enough to warm it up.
There's another possibility. If the oil filter drains down or restricts cold flow for whatever reason, a 1st start may take longer to get oil to the valvetrain. We've heard several reports of different filters changing this behavior (i.e. Bob's recent report of a Fram making less startup noise than an M1.)
Edit: Buster, to your question, M1 may break something loose that plugs a lifter that wouldn't happen with a less detergent oil. M1 may also flow better than the previous oil and therefore drain down more quickly. Any oil that gets to operating temp would do the same overnight but M1 or an equally flowing oil would do it faster and exaggerate the effect. IMO, these are good reasons to run Arx or 131 for the change before switching an older engine to a detergent oil (i.e. synth).
David
[ December 01, 2002, 12:30 AM: Message edited by: OneQuartLow ]