I put a drop or two of silicone lube on the rubber bushing at the rear of the muffler, just under the saddlebag. That's one source for a squeak.
I purchase and replace the rubber bushings for the mufflers usually once a year. When they first start squeaking, I'll jam wooden toothpicks in the bushings slot to tighten up the fit between the muffler mount and the rubber bushing. The toothpicks stay in place quite well.
The only time this noise is heard (at least on my bike) is during idle. Don't know how far the noise travels while at a stop light but it sounds deafening to me while sitting in the saddle. I'm guessing those more than a few feet away can't hear that sound over the rumble of the exhaust though.
Trying to duplicate that squeak while the bike is leaning on the jiffy stand in the garage is difficult. The lean of the bike appears to place the mufflers in a position which doesn't allow the same loose fit as when the bike is upright. When the rubber gets warmer from the exhaust while riding, the noise does have a tendency to become more noticeable.