If the belt is squeaking the most common cause is the belt is loose or over tight, try to check the belt tension. You adjust the belt tension by loosening and moving the generator.
As for the generator light, the engine needs to be running at about 1200 RPM for the generator to operate properly.
Run the engine up to 1300 RPM and if the light does not go off after about 45seconds then something else might be wrong.
If you would like I can make a video of my tractor starting and getting up to speed with the generator light going off as i speed up the engine.
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