I tried my TG501 together with 7T11A/7S11/S2 in 7704A. Peak-peak:
5 ns: 0.9 V, 2 ns: 1.8 V, 1 ns: 0.7 V.
The waveform at 1 ns looks like a complicated mixture as if the amplitude varies some 20%.
I had ripple in the 7S11 offset out also, distance 83 us. But eventually I found that this ripple simply came from the 7854 I used to display the offset. Same ripple stand-alone, when touching the 10X probe tip somewhere to the 7854 chassis. But I saw more. The "noise" varied between ripples but apart from that is fairly constant in each period. There clearly is some pattern over the periods, so it seems very plausible that this reflects processor actions. The 7704A did not show ripple or whatever when touching the probe tip to the chassis.