Like you. I assumed it was the hard drive, as it does sound like a very faint hard drive seeking noise. However, I recently changed the hard drive for an SSD (I.e. no moving parts) and the noise remains so I don't think it's coming from the hard drive. Some people have said it could be some capacitors near the power supply.
Also as other people have commented, it's much louder when the power adaptor is connected
For me, it also occurs when scrolling using the arrow keys
It occurs in all apps (at least the ones I've tried - Safari / Chrome / iTunes / Mail / App Store / MS Word)
It doesn't occur when performing the 2-finger-scroll trackpad gesture on a screen that won't scroll (E.g. the desktop background)
It also briefly happens when I use exposé / Launchpad / Dashboard / change from one virtual desktop to another (whether I use the trackpad or the keyboard shortcuts to initiate these).
So I think the issue is actually with scrolling per se, or at least changing the contents of what's on display, not the trackpad. I wonder, then if it's somehow related to the display adaptor. Anyway, we're no closer to finding an answer but hopefully I've narrowed the search a bit?
EDIT: I'm also on a 13" Mackbook Pro (Early 2011).