By pecking do you mean a mechanical ticking sound similar to a sewing machine when the engine is cold, that gets louder if you lift the hood, and is directly proportional to rpm?
I don't personally know an Volvo I5 engine that doesn't. I haven't heard the S60's I5 yet, but I suspect they do as well. But with what you've described I'd say you have nothing to worry about. Your assumption was correct, it is the lifters.
My only other suggestion is to find a way to run the oil pump before starting the engine. That should take all the noise away. Is it worth it? How much do you hate the noise?
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