I have the same problem in my '89 Suburban 3/4 ton. The problem occurs below 25mph and doesn't matter if it's in 2WD, 4WD, hubs locked or unlocked. If I apply the brakes, the sound goes away. I have found the problem to be the front caliper bushings that the pins go through to hold the caliper on. I replaced the bushings once and the sound went away. Unfortunately, about a month or two later the sound came back again. I don't know what is causing the bushings to go bad to create this problem, but any other ideas would be appreciated.