Mine flys the same. In calm air, it's straight and true, but unstable air, and I get the left-right yaw. It's a bit unnerving at first.
here's a paragraph taken from LASARs Mooneys Buyer's Guide:
http://www.lasar.com/sales/buyers-guide.asp
"All Mooneys from 1965 through 1977 were equipped with Positive Control, a single axis, full-time autopilot that serves as a wing-leveler. PC can be interrupted by a thumb button on the control yoke for manual control during takeoffs, turns or landings; otherwise, it is engaged at all times. The system is a definite help for IFR operations and for stability in turbulent air, especially in the short-fuselage Mooneys; they tend to yaw markedly in choppy air."