I just got the L1011 and everytime I set takeoff power the aircraft emits a loud siren style aural warning like an overspeed sound, This occurs at the same time as the Fail Eng 2 arm light appears but I have read that is normal during takeoff. What isn't normal is the aural warning and I have no idea the cause. It happens everytime, when I spawn on the runway, use a panel state and even from cold and dark full setup and taxi to the runway. Any suggestions/assistance is greatly appreciated thanks!

A couple of streamers have had this happen and it appears they forgot to set the trim for takeoff on those occasions.  Spawning on the runway is the usual cause of the trim being set wrong.

Agree with Dr_Ed ... spawning on the runway is a real mistake with a complex airplane. There are already pointed out bugs with the aircraft that we are working around with manual setup on the ramp. When you spawn on the runway the A/C may try to start up with these bugs and no corrective action having been taken. Also, I wouldn't rely on the sim to setup a complex A/C to begin with.