I have a 2005 mustang GT with 54k miles. I just picked up the car recently and all I have been doing to it lately is repair after repair it feels like. My current issue that I just noticed is coming from the drivers side valve cover. It doesn't sound like a ticking noise or anything like that but around the VCT/Cam phaser area its like I can hear the chain spinning. its a somewhat faint noise but still noticeable. I have only heard the noise a handful of times and each time it is after the car is already warmed up. When I drive the car it drives fine and at idle its not like it wants to stall out but the noise is just bothering me.

 

Use a mechanic's stethoscope to localize the noise and if it sounds like the timing chain is rattling, don't drive the car.
The previous owner probably neglected the oil changes and when the engine's at hot idle, there isn't sufficient oil pressure to the tensioner to keep the chain tight. As a result, the chain will slap around against the timing cover and the plastic guides. Eventually plastic pieces could break off into the oil pan and clog the oil pump pickup screen with potentially catastrophic consequences.
This is something you need to diagnose quickly and fix ASAP.

 

so today I started the car and of course heard the quick rattle again. I used a stethoscope to localize the sound and I could hear it coming from right next to the vct solenoid. The noise is the same even when cold/hot im just confused because its not like a tick or knock, just the sound of the gear spinning. Ive posted videos of what it sound like on FB forums and I've heard one of two things. Either bad cam phasers or the tensioners have blown out. Im not sure where to go from here so I guess ill have to do a little more research. btw I love the red it looks good on these cars!

 

At this point I suggest you remove the driver's side valve cover and inspect the VCT solenoid, phaser, timing chain, and cam followers/lash adjusters.
A broken phaser would cause drivability issues and trigger cam position sensor codes as well as produce a knocking sound, so I doubt that's the problem. My money's on a bad tensioner and loose chain.