Air in the system maybe?
A hose collapsing?
I'd start with everything cool, pull the radiator cap, start her up, and see what's happening inside the radiator. At startup, the fluid should just sit there. Once it reaches operating temp, the thermostat should open and the fluid should start flowing.
You may also want to take a good look at the hoses at different times (cold, hot) to make sure neither the upper or lower is collapsing.