i've never had a need to shift from drive into neutral, but i have experienced a similar noise when my '08 GC shifts up thru certain gears at very low speeds, see the info in this thread:
2008 Grand Cherokee Limited 4X4, Light Greystone Pearlcoat, Hemi, Tow Group, 18" Chrome Clad Wheels. Original owner, 20,000 miles
2002 Wrangler Sahara, black, 4.0L, 5-speed, Dana 44 rear axle with Trac Loc LSD, duel tan tops, Canyon wheels with Wrangler Silent Armors. 75,000 miles, 2nd owner.