I think it is related to the oil quality or grade... I had a similar thing with my 16V FIRE Brava a while ago. It's the hydraulic tappets combined with the lower temperatures as mentioned previously. You should have probably used a decent semi-synthetic 10W/40 since this has became the standard oil for that sort of engine since the mid-90s.
Check the quality of your recent oil and filter.. since your car is probably a late-80s model the official oil originally would have been OlioFiat / Selenia VS+ 15W/40 multigrade mineral oil which is slightly thicker when cold.
The best current equivalent would be Mobil Super 1000, Shell Helix HX5 or Comma XT2000 (which is semi-synthetic..).
If you're going to do another oil change then give the engine a good ragging and drain it when nice and hot... the leave it to drip for a good few hours until the last of the sludge has come out of the sump. Your "noisy" oil should have done a reasonable cleaning job in case anything internal was a bit mucky.