bad wheel bearing

No, don't drive if it needs attention. very dangerous condition. should check both side if that is the case.

Depending on the date of purchase and the mileage it could still be under the 3 year 36,000 mile bumper to bumper warranty from Chevrolet

no do not drive on it

Just because your car makes that squelling noise don't mean that it's the wheel bearings. It's because mines used to make a loud noise and I found out that it was the front tires in which they are all season if you know what I mean. The other thing is if you get your front pads replaced make sure they put back on the pad clips that came with your pads from auto parts if not you will hear even a stronger noise.