Squeaking Transmission/Clutch issues

[gatorblue92]

I have developed a very loud squeaking noise in the area of the bell housing on my 240D with a recently swapped 4 speed manual. The noise is there when the car is idling and driving but it goes away as soon as you press the clutch pedal. Any suggestions on the cause? The entire clutch was brand new when I did the 4 speed swap last winter and it only has about 700 miles on it. I'm not excited about dropping the transmission again but it looks like it will need to come out.