not too sure what it is but it only just started and it sounds like its coming from the bottom end area. Stuff just keeps on coming..
problem with that trick is that it only works 20% of the time, if your engine is over 100ks i would look at replacing the control solenoid as its just a good idea. I had a noise coming from my engine, and i at first tried the unplug and though that due to this making no difference the solenoid and cam gear were fine, bleed the lifters 3 times, and checked all the valve train over for abnormal wear signs.... months later just brought a new solenoid as a last resort out of frustration and what do you know... fixedTake the plug off the VCT solenoid and see if that quietens it..
I use a long screw driver and put my ear to that...works well isolating engine noises..have you tried the old fashioned trick where you get a length of garden hose, put one end into your ear (put a plug in the other) and move the hose around the engine to define exactly where the noise is coming from?