e39 Noise/ Steering issue

I have a 1999 528i. the last couple days an odd issue has arose. When I
start the car after its been sitting for a few hours (4+) there is a noise
emitting from the driver side area of the engine compartment. If I turn the
steering wheel in either direction the noise get abit louder. Its sort of a
reeering noise. If you drive it aways (10mi or so) the noise goes away and
doesn't return till the car has sat. I thought possibly the Power steering
pump, but from what I can tell this car doesn't have one and it has a
Rack/Pinion type setup instead, and I could be completely wrong on that
also.

Anyone have ideas on this odd noise that has shown up?

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Thank you,

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Branden Nelsen