Someone correct me if I'm wrong (someone usually does!), but I think you can safely accomplish the same thing by taking off the belt (easy) and running it briefly to see if the sound is gone.
Let me know if you figure it out---mine's been making what I think is the same sound for a while now. I've thought it's pretty innocuous sounding, and isn't getting worse, so I've been ignoring it.
Had chirping sound...didn't figure it out until the water pump pulley fell off.
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'87 951
'01S 986 (Sold after 16 years ownership)
'78 924 (carburated; sold when moving to CA)
My chirp starts when I start the engine, but then goes away almost immediately (at idle). It gets louder at higher RPMs and when the engine is under load. I'll try the recommendation to briefly run the engine without the belt.