I think I got the culprit.
There is a process that is ran in webmin, but the way linode interprets it (5 minute average) is a bit misleading when trying to find what is causing these spikes.
Look for a cron job that is running /etc/webmin/virtual-server/collectinfo.pl. It runs this every 5 minutes and what the script does (from what I can understand), is poll every virtual server service and the server itself for updated information that is shown in webmin.
This can cause a huge, but short, load on a low-resource machine. I disabled it and will post the results in an hour.
Edit: After an hour and a few minutes; no more spikes, and average CPU load has decreased to 1-2%.
