The 2040 strategy with jitter is to set the internal pll as close as possible to 1500MHz, and then divide down to say those 125MHz (or other cpu clock).
Yes, the VCO's are usually current controlled oscillators, giving the best jitter at higher power/highest MHz.
For example the Si570 gadgets worked with 4.7GHz pll and achieved pretty low jitter, perhaps the 2040 follows that too (better it needs to be measured, considering their ADC design flaw).
re Si570 area : If you want to look at cased i2c oscillators here is table I drew up a while back, that shows jitter-GHz are certainly related, and they tend to use higher MHz, xtals for lower jitter. (and probably smaller size too)
~~~~~~~~~~~~~~~~ SiLabs i2c Oscillators ~~~~~~~~~~~~~~~~~~~~
Device SpeedGrade Xtal Out(MHz.CMOS) MinFvco(GHz) MaxFvco(GHz) Icc Jitter
Si564.A 152.6 0.2~3000 10.8 13.122222222 87mA CMOS 95fs RMS
Si549.A 152.6 0.2~1500 10.8 12.511886114 87mA CMOS 95fs RMS
Si549.B 152.6 0.2~800 10.8 12.206718160 87mA CMOS 95fs RMS
Si549.C 152.6 0.2~325 10.8 12.206718160 87mA CMOS 95fs RMS
Si544.A 55.05 0.2~1500 10.8 12.550082103 74mA CMOS 150fs RMS
Si544.B 55.05 0.2~800 10.8 12.109728345 74mA CMOS 150fs RMS
Si544.C 55.05 0.2~325 10.8 12.109728345 74mA CMOS 150fs RMS
Si564.A 3GHz out $42
Si570 114.28 10~160M 4.850 5.670 90mA CMOS 0.62pstyp
Si599 39.17 10~810 4.85 5.67 90mA CMOS 0.7ps
Si514 31.98MHz 0.1~250M 2.080 2.500 21mA CMOS 0.8ps
Si5351A.QFN20 25~27 0.002~200 0.6 0.9 22mA CMOS ~40ps pp
Si5351A.MSOP10 25~27 0.002~200 0.6 0.9 22mA CMOS ~70ps pp
Those are highly flexible but not especially cheap.
Over in the Audio sandpit, there are many complex oscillators offered up, but this one looks to be simple, using a 74LVCU04 gate
https://www.diyaudio.com/community/attachments/twtmc-p-pdf.615086/Note they use a large can, custom crystal when chasing extreme numbers.
Addit3: I found another variant, a Pico gate Pierce, shows the crystal matters most for low Hz phase noise.
https://www.thewellaudio.com/wp-content/uploads/TWTMC-PPG-V2_User_Manual.pdfNote they test here with batteries and shielded.
At the simpler end, Nisshinbo offer a NJU6385, in a DFN6 package,
https://www.nisshinbo-microdevices.co.jp/en/products/quartz-crystal-oscillator-ic/spec/?product=nju6385that part claims impressive low jitter and noise. (I think tested at 49.152MHz )
●Phase noise
-103dBc/Hz(Typ.) @10Hz Offset
-163dBc/Hz(Typ.) @1kHz Offset
●RMS Jitter 0.05psec(Typ.) @12kHz to 20MHz
Not much mention of power supply, but these inverter oscillators would likely benefit from a modern, low noise local regulator.
It's hard to tell how much secret sauce is in that NJU6385, or if it is just a DFN packaged standard unit ?
ie how much better is it really, than a 74LVCU04 or 1GU04 oscillators above ?
The Pico gate info above, suggests less secret sauce, but NJU6385 is small and includes C and biasing.
Mouser do stock the similar NJU6311, in MSOP10, with divider choices.
The lowest ESR crystal generally available looks to be ABLS-LR-12.000MHZ-T in HC-49/US (SMD) ESR <15 Ohms
Addit: Another option point, for high end instruments like ADC's, could be crystals like ECS's aged models : a slight premium on jellybean crystals.
Their ESR is higher, than the larger ABLS-LR, but they have been pre annealed/aged - maybe that matters more ?
ECS-120-10-33B-CKM-TR3 12.000 MHz 10 pF ECS-33B 10/10 ppm -20 ~ +70C 1 ppm Aging 3225 ESR <100 Ohms
https://ecsxtal.com/news-resources/how-ecs-inc-b-series-crystal-oscillators-support-your-future-forward-technology/That looks easy to retro fit onto a RP2040 board, as I think they use 3225 commonly.
Addit2: Another reference point on the KISS/Cost/performance curve, is to simply bolt on the 'best TCXO' like the ATX-H12-F-12.000MHz-F25-T
Numbers are a tad worse than the NJU6385 claims, but it's all in one package, and spec'd out of the box.
An alias/branding clone of that ATX-H12 looks to be the FT2MHUPM12.0, showing stock at Newark, strangely a bit cheaper than the ATX-H12, at under $2 ?
These Abracon parts spec (ATX-H12 / FT2MHUPM12.0)
Phase Noise (@ 10 MHz Carrier, @ 25°C ±2°C)
@10Hz offset -98 dBc/Hz Typical -94 dBc/Hz Max
@100Hz offset -122 dBc/Hz Typical -118 dBc/Hz Max
@1kHz offset -145 dBc/Hz Typical -141 dBc/Hz Max
That would be easy to add to a RP2040 board, to check.