Squeaking noise sounds like a pulley. You can remove the belts or loosen the tensioners so you can spin each pulley. Any bad pulley will spin freely and there will likely noise from the bearings.

When it was smoking was there a squealing noise at the same time?
Is there any coolant on the ground after it has been sitting all night?

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X5 4.6 2002 Black Sap, Black interior. 2013 X5M Melbourne Red, Bamboo interior
Dallas