The oil light staying on for a second after start is self test, not related to the noise. The noise sounds like a common issue for Toyotas - faulty/stuck vvt-i cam actuator. If you google you will find there are numerous TSB/warranty fixes for different years related to this issue.
Another reason can be oil related. The vvt actuator adjusts the cams via hydraulic pressure from the oil. If any part of the vvt system - the oil control valve, its screen, or the actuator get plugged with sludge/varnish, etc it will not align properly until there is enough pressure. Cleaning the OCV screen is a good start.
But because you've been using M1 for an extended period (assuming) I'm doubtful its any blockage. I do think a thinner startup weight may help get the oil pressure up at the actuator faster, decreasing or eliminating the noise. We run 5w30 on that engine over here, see no reason for you can't try the same, see what happens.
If a thinner M1 does not resolve the noise, you may need a new cam actuator.