Replacing the belt would be the first thing to do. Your tensioner could also be worn. It's usually not the "spring action" that causes the problem. It's the fact that the tensioner itself wears to a point where the belt isn't running straight with the rest of the accessories.

If you spray silicone spray directly on the belt, it should make the squeak go away. I did that for several months before I finally replaced my tensioner.

 

had the same problem... i replaced the belt with a nice brand new shiney gatorback.. witch worked really well... stopped the squelling..then it came back after about 1000 miles... replaced the belt again and it stayed.. tried all the sprays and conditioners for belts...tried wd40 etc etc etc. it ended up being the tensioner pully assy. guess the bearings went bad so i replaced it... apperently pullys at stuff like that can warp especially after wheeling ...warping can cause the belt to run on pullys that are missalighned and make it sound like the belt is bad but its really one of your pullys... namley the tensioner.. dont just get the pully bet the whole assy.. replacing just the pully is a PINA

 

Mine is the helix the tensioner moves in, I can push it forward and it will stay, so there is no spring action. The next repair I have to do

 

the weird thing is, it only squeals some times...it's not every cold startup...only some of them, but im gunna try the soap, and in a couple weeks ill just grab a gatorback

 

Probably only cold starts when there is a lot of moisture in the air. Like when it's raining...or has rained. Or a night/morning when there's a lot of dew on the ground. That's usually when a lot of the intermittent squealing occurs. The root cause could still be a bad belt or tensioner though.

 

yeah i replcaed mine also wit the goodyear belt bout a year ago, they said the gator belt was one of the best belts but i am gettting the squeeling back again in cold engines starts. I guess the belt is not good enough, cuz i also tried a lil grease but it all came back after a couple days later.