This question is a byproduct of the following question.
Let $R$ be a commutative ring with unit. Using exterior algebra computations, one may show that if an $R$-module $M$ satisfies $M^n\simeq R^n$, then $M$ is a projective module of rank one satisfying $M^{\otimes n}\simeq R$. In other words, the isomorphism class of such a module $M$ is a $n$-torsion element of the Picard group of $R$.
I would be extremely surprised if we had the reverse implication. However, I cannot come up with a counterexample (the reverse implication is true for Dedekind rings).
So the question is:
Question. What is an example of a projective $R$-module of rank one $M$ such that $M^{\otimes n}\simeq R$ but $M^n\not\simeq R^n$ ?
If you allow me to be picky, I would rather prefer (if possible) $R$ to be a noetherian integral domain (so that the counterexample is not too artificial), and I would be happy with a counterexample for $n=2$.