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Either something inside the DVD drive is failing or there is a build up of heat causing it to fail.
DVD drive failures are covered by a 1 year warranty.
If it is a heat problem, this will usually end up causing 3 red lights. But not yet. The towel trick will just add more heat and is intended for fixing the motherboard NOT melting your DVD drive. You can get a can of compressed air and use it on the inside of the DVD drive with the tray open and on the ventilation ports on the outside of the 360. Also make sure there is a lot of open and/or well ventilated space around the 360.