I'd still say a tensioner/idler pulley or water pump.
May be worth checking cam belt tension to make sure it's not over tight.
If it was anything to do with the drive belt/tensioner/PAS pump/alternator, the noise would most likely change in pitch with the A/C compressor kicking in and out, which it doesn't seem to do.
I've heard my S70 make the same noise before, only from a cold start.
Never quite got round to figuring it out!
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