How's the alignment of the pulleys? Condition of the belt? Correct tension?
If everything is in the correct working order, you shouldn't have any squeaks. Take a straight edge and place it against the pulley on the water pump, same thing with the crank (I'm assuming you have the style where water pump/alternator have same belt, power steering is it's own belt). The pulleys should be in line with each other. If the squeaking just started, I'd look at the belt or the tension on it.
On the other hand, it may even be a bearing starting to go out.