The lights are an indication of your alternator not turning quickly enough, when the squealing occurs watch the voltage gauge. If it drops, you've got yourself a loose belt- the chewed up belt needs to be replaced ASAP.
My 5.2L Build thread
-1989 Jeep Wrangler 2.5L, soon to be 5.2L
-1996 Jeep Grand Cherokar 5.2L, donor and rainy day driver
-2004 Kawasaki KLR650 sunny day driver
"A well regulated Militia, being necessary to the security of a free State, the RIGHT
of the people to keep and bear Arms, SHALL NOT BE INFRINGED