Do you have aftermarket sway bars?
Check the rear links if you do.
Also check the front sway bar links. The boots get crusty they can get water in them. When it drys out, they can squeak.
Could also be a loose exhaust hanger.
Less likely but not impossible...
Rear subframe bushings - very worn or torn.

Originally Posted by
bbig119
Since the weather was extraordinarily nice last weekend, I was able to run some errands in the 540 with the windows down. All was well until I noticed a strange squeaking sound which I immediately began looking around for the car making this horrendous noise. I did, and it turns out it was me! No clue how long its been doing this, but its not loud enough to hear with the windows closed.
I'm only able to hear it at slow speeds. I distinctly remember it being most pronounced when slowly pulling away from a stop, or slowing to go over a speed bump, however I could hear it many other times as well. I wasn't able to hear it at high speed, but that may be due to road and wind noise and not because the sound is gone.
It seems to me that the sound was originating from the right rear of the car. I almost wanted to say it sounded like worn brakes, but the rears were done last year and the fronts were good when I swapped in my winter tires in october. I haven't looked at the parking brake, and I have no idea if it would manifest itself in a noise like this if it is worn.
I haven't had an opportunity to get the car up and poke around underneath, but some previous posts on a "squeak" search pointed to dogbones-- something I'll definitely check.
I don't know the exact age or condition of the suspension, but the PO did put in bilstein sports at some point-- just not sure when. The car has seemed steady, although sometimes I think I am imagining that the back end of the car is loose, noticed over a speed bump sometimes, but its not pronounced enough for me to say that it definitely is.
Any thoughts? Thanks.
-Bryan
Bellevue WA
90 535iM - not much stock remains. 3.7 liters, ported head, cammed, 3.73 diffy, M5 brakes, MAFed, yadda yadda yadda
86 Porsche 951 - Track Toy