Eric,
I know I have come late into this and you have hopefully solved your problem with delamniation but in case there is a could be an underlying root cause that will show itself. If power steering fluid is used instead of DOT 3 brake fluid you may be swelling your rubber seals within the master cylinder. This can become apparent especially when you stop the vehicle and shut it off an let it sit. The colder it got the worse it got. Now that the fluid is cooling down the expansion of the seals become more apparent. Also the cooler it gets the elasticity properties of the rubber become more rigid. When you start the vehicle in the morning the brake calibers are still in a mode of compressing the pads against the rotor. When the rotation action of the wheels, as you put enough horsepower, causes the master cylinder to become unstuck through pressure in the lines, thus you hear a pop. Due to the friction on the brake pads and pressure exerted the pads themselves over time shear or deliminate mainly from continuous compression from the brake calipers
I was in happy mode after we changed the pads and did not hear this anymore but the problem reoccurred deliminating the pads once it got cooler in the fall. I ended up having to replace the master cylinder, flushing my lines, placing new pads and DOT 3 brake fluid. Have not had a problem with that truck since then. My problem was the mechanic was me that put the power steering fluid in the master brake cylinder. Clear error on my part because I was too lazy to go to the store to get more DOT 3 after a friend said, "Oh, that will work".
Regards,
Kristan