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I'd almost bet that it's a harmonic vibration in the second stage that is not possible underwater due to the density of the water. I wish I had a nickel for every second stage I've had come across my bench that made some kind of noise when I breathed through it.
Sometimes balanced pistion first stages (Scubapro Mk 20/25 and Atomics) will "sing" a nice mezzo soprano note if they're under-lubricated when rebuilt; I've had this happen a few times. I've never had any funny noises come from diaphragm first stages with the exception of the DVT valve on Aeris/Oceanic regs.