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A common problem in 2000 and 2001 models, caused by manufacturing imperfections (rough spots) in the collapsable steering column, which create binding. Because the steering rack is fastened to a subframe, and the steering wheel to the body, the column must be able to change its length when you acellerate and brake. The fix involves removing the center section of the column, refinishing the surface with sanding cloth, and replacing the grease.
There is a dealer service bulletin for this. I have a copy that I purchased from Volvo. If your Dealer is like mine, he/she will disavow any knowledge of the problem and/or solution until you present them with a copy of the bulletin.
Send me a message at n0v8or@cox.net, and I'll reply with a PDF of the bulletin attached.
I've been 20K miles since the repair was performed. So far, the noise has not reappeared.
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