I have a 940 that did this. Primarily, I heard it "chirp" when starting and shutting off the engine. Then occasionally, it would squeal for a minute when coming off a highway run. Finally, the water pump seal went. Turns out it was the water pump. Apparently, it only squealed at low rpms (startup and shutdown).
You might try loosening off the belt and turning your waterpump by hand. When I removed the faulty one, it squeaked when slowly rotating it.
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David Armstrong - '86 240(350k km?), '93 940T(270k km), '89 240(parts source for others) near Toronto
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