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..well at least I think it's the belt. This only happens when it's wet outside. It's either the belt or it might be coming from the tensioner on the right side.
How can I tell what one it is? Is there a better chance it's the belt than the tensioner?
Tensioners have been known to squeal on the LS-1.. Most replace them.. I took WD-40 and sprayed the tensioner (squeaky as a MO FO) about 2 years ago and have never heard a squeak since then...
I have the same issue, tried the WD-40, was quiet as a mouse for about five minute then it started to "chirp" again.... When I get off today I will removed the belts and remove both the A/C tensioner and pulley. Hope to find the problem....
Instead of spraying pulleys, spray the belt on both sides with brake cleaner while the engine is running (be sure to cover your fenders, the stuff sprays everywhere!). If this stops the squealing for a minute or two and then it comes back you have a belt problem and need to replace the belt. Never use any kind of belt dressing if the belt is the problem, it will only make the squealing worse in the long run and hide the problem of a failing belt.
If there is no change in the noise with brake cleaner on the belt then you most likely have a pulley or bearing problem. Remove the belt and check all pulleys for wobble or in/out play.