ok, well I dropped by the service department once the truck was warm and two techs came out to listen. They feel that it is something inside the muffler, such as a broken baffle or something. It is coming from under the truck and doesn't seem to be a lose clamp, shield etc. They have heard it before, but not on a Raptor, and replacing the muffler resolved the noise they said.
Unfortunately, my truck is beyond the factory bumper to bumper time period and mufflers are not covered by the Ford ESP Warranty. Go figure. So, I'll live with it a while and go with an aftermarket muffler at some point.