According to another YouTube user in Council Bluffs, IA, where this was filmed, the siren you're hearing is in deed a sickly 2001. Here's a video that that user made, where some of Council Bluffs's other 2001's can be heard, and they sound in Attack like the sick one does.
http://youtube.com/watch?v=5s0RGPTYKAI
Apparently, there were a lot of tornado warnings the day the first video was made, and by the end of the night, several of the sirens sounded like they needed repair. I'm guessing that the sickly one had dying batteries, and maybe a broken rotator. The first video doesn't sound fake to me.