Probably just your lower ball joint worn out. Check to see if the boot on the ball joint is torn. If it is, spary a little WD40 and drive to see if it stops squeaking for a bit.

If so, then your ball joint is the problem. Replace them ASAP.

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1986 300E (3/2002) Rear ended and totaled (10/2009)
2000 Xterra (5/2000)
1992 400E (11/2009) -Sold
1986 300E (12/2009) - Sold
2004 E500 Wagon (6/2013) - Sold