The Colorado has a variable valve timing solenoid mounted on the side of the engine. It routes oil pressure to change valve timing under different load and speed conditions. GM had a lot of problems with the screens on the oil inlet of the solenoid, they simply fell apart and plugged the solenoid so that the cam timing got stuck out of phase and caused exactly the problem you're having. Any auto parts store can sell you a new solenoid assembly made by Dorman and this will solve your problem. I promise.

BTW, you need to do more frequent oil changes.

http://www.dormanproducts.com/gsearch.as...

The noise you're hearing is called detonation.Check the knock sensor first.A properly working knock sensor should signal the computer to retard timing temporarily when detonation is detected.It may be defective if it isn't retarding the timing.Its usually most evident during light to mid acceleration.There are a few other causes for detonation if the knock sensor is ok::Defective egr valve,too much compression due to carbon buildup on the pistons,overadvanced timing,low octane fuel,and a lean air fuel mixture from a vacuum leak.If the cam sensor is reading inaccurately,it may be causing the detonation due to overadvanced timing.Check the cam sensor wiring harness for a loose fit and corrosion.Corrosion can cause excessive resistance in the circuit thereby reducing voltage which will cause an inaccurate signal

maybe intermittent circuit,......or..... also it may be heat on a weak sensor. sometimes heat will uncover faulty electronics, but usually not bad circuits. be sure the code is sensor and not circuit voltage or faulty circuit! when reading obd codes, dont use your brain at all, read what it says, that is the problem the system senses.

for example coolant temp sensor reference voltage code does not say coolant temperature sensor, it does not say circuit, it says reference voltage! usually a problem in the wiring or computer but not absolutely in the immediate coolant temp circuit lol.

they made it idiot proof, so do what the computer says, dont overthink at first! this is why a lot of techs have lost the art of troubleshooting and just change parts. some are ase certified, yet dont know the first thing about solving an issue thats intermittent

With a bad cam sensor, AND the pinging, sounds like timing was WAY advanced. Then it went away? Check sensor plug/harness.

Thanks for the great answer,I had already bought the crank angle sensor and the cam sensor which was what the scan print-out called for,but never fixed the problem.So far the truck is running great.

This is the second time after the faster speed on the interstate when we get into the city the engine has valve ping and shakes like it wants to shutoff,with engine light.Scan shows bad camshaft sensor?. After awhile it started running fine again and drove back home.Anyone seen this happen before or know what might be causing the problem?.Truck has 32,000 miles.