I have a rhythmic noise coming from the front of the engine in my 87 325 that makes me think water pump. I guess it could be described as "sleigh bells". However, with the car off, there seems to be no play when tugging around on the pulley. Also, the noise is absent when the car is cold and seems to fade away when above idle (although it could just be getting lost in the other engine noises).
The fact that it only really get loud when the engine is warm makes me think fan clutch, which is dead... but would it make this noise?
Also, I just replaced the pump 9k miles ago with a Bavarian Autosport one. Could it be bad already?