2006 XC90 Control arm and both tie rods replaced..

[Jrsimp78]

I have a similar issue on my t6. I suspect it is either the inner cv (though my Volvo specialist says their ok) or more likely the steering rack. Basically the support bearings /bushes at either end are worn causing the rack to seesaw on the pinion. I'm not sure whether the t5 has the same zf rack as the t6. There is a service bulletin that advises to tighten up the yoke on the rack. I did this and it does seem to help a bit. (Don't move more than 3 integers on the adjuster) best to do one at a time and check the steering. If it starts to feel tight you've gone too far.
The problem with the xc90 is that it isn't designed as a 4x4 from the ground up , and used steering racks and driveshaft as per the saloons. To make matters worse, the drive shafts a permanently at an angle so the natural position is under high stress.
I hope this helps

[flatlander84]

Put a car on the jackstands, was able to move wheels and more closely investigate where sound is coming from. I think it is most likely inside of the steering rack after all. I will adjust it probably this weekend and report here.