Hehe, I doubt it is your belt. If the belt is in good repair with anything even close the correct tension you should be golden there. The chirp indicates something is momentarily locked up, hence causing the belt to slip. That something could be any of the components. The only way to know is to take off the belt and check every component. Check for smooth rotation, end play, pulley condition, and any obvious damage. The problem in these type cases is usually obvious, or it will be in time when the component finally fails.
Like I mentioned it is really impossible to tell these things for sure without a little hands on, but my pure guess would be the water pump.
