I've encountered this issue before; it's certainly related to a suspension component.
On one of my Durangos. Previously, it was the lower ball joint, and on another Durango, it was the ball joint on the upper control arm, which required replacing the entire upper control arm but not hard to do.
the squeaking is because it has no grease after awhile it will start to clunk, Most likely the boot is cracked which should help you find the culprit.
Water is getting in there and washed out the greass,
On a side note you'll notice it'll go away temporarily when it rains.