Problem solved! I removed the crank and discovered that I had installed the crank incorrectly. The splines on the spindle (octalink-V1) were not set into the splines on the crank. Now that the crank is set properly I will need to readjust the derailer. I had not been worrying about this noise because I assumed it was the pedals. Now I am glad I took the time to look into it. And I appreciate all the advice. Left to my own devices I would probably have just been spinning my wheels.