Sounds like "lack of sync lock" between the source (toslink output) and the DAC. I've heard what sounds like a similar sound between a regular CD transport and DAC too. Do you have the ability to try a different "transport" like a CD player or DVD player connected to the DAC via toslink? If so and you don't experience the issue, you may have a configuration issue with the sound card or it may be defective.
When you hear the sound do you also hear music, or is it just the noise?
TIC
When you hear the sound do you also hear music, or is it just the noise?
TIC