Its not very loud and I get about a squeak a second on idle. Bringing up the revs doesn't seems to speed up the squeak as much as you would think. I have tried altering the electrical load as well as power steering and that makes no difference. It only happens on start up from cold(but not every time) and it only lasts for about 20 seconds max then it's silent. Belts are fairly new and tensioned correctly. Engine was rebuilt a couple of yours ago and I have no oil or water leaks. Any ideas? My only idea is the water pump bearing on the way out, but it's only a couple of years old and doesn't leak.