I/O Mercruiser 350 - belt chirp and oil sheen

[MDseacraft]

I have two issues I am chasing down:

1) I have a belt chirp. Belt looks to be in great shape - no sign of rubbing. Chirp increased with rpms. Not chirp when the belt is off. don't think it is a pulley because if i apply water to the belt, it goes away for a brief period of time. I think it is alignment but do not see any alignment issues. Anyone trouble shoot this before?

2) When i get back to the boat lift with the engine running, I see a slight oil slick coming from the outdrive. It appears to becoming from the exhaust... as droplets splash down from the exhaust, the oil sheen appears. It could be fuel or oil. Curious if anyone has this and has done any trouble shooting?

Thanks, Tim