It's the oil separator. Don't drive it until you get it fixed.
Mine did the exact same thing. The squeeling is air going through your oil filler tube. The oil separator fails, it opens a huge vacuum in the oil filler tube and sucks it flat creating a whistle that sounds like a squealing belt. It also allows oil to get into places it's not supposed to be so it burns off with huge clouds of smoke at start-up and more smoke than normal when driving.
You can replace it in about 1 1/2 hours DIY if you want to or take it to a dealer and tell them to replace it.
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1987 928S4 Silver Metallic (980)/Navy (TP) 5-Speed
2000 Boxster Speed Yellow/Black 5-Speed
1966 Wife White/Brown Top
1986 Daughter White/Brown Top (Sold!)
1992 Daughter White/Blonde Top
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