I change my belts after hearing a squeal and noticing that there were some cracks on them, and two days after when I started the car up cold it began chirping it is definitely something to do with the belts, tensioners or the pulleys but I can't pin point it... My guess is it is the tensioner pulley for the belt that runs the waterpump, alternator, power steering etc. It only chirps until the car warms up and then the noise goes away...

I have uploaded a video of the chirp to YouTube search just search:

BMW z3 1.9 chirp

All coments are greatly appreciated and I would like to give thanks in advance...