If a squeaking noise is heard while turning the steering wheel, the outer tie rod ends may be worn and should be replaced.
Problems for specific Ford Mustang years:
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Most reported 2004 Ford Mustang problems
The synchronizer shaft for the camshaft position sensor can cause a loud squeak or chirping noise due to failure of the upper bushing. The noise may be erratic and is usually present when the engine is warm.
A creak/pop noise while turning may mean that updated steering rack bushing tubes need to be installed.
The magnet for the camshaft position sensor may fall out of its mount and damage the synchronizers. This causes long crank times when starting the engine and may cause the Check Engine Light to illuminate. If this happens, both the magnets and the synchronizers need to be replaced.