3.0 tensioners are poorly designed from the factory and pull out of alignment rather easily, causing the belt to squeak, especially in wet conditions or when first starting the truck in the morning.
Step one is to make the squeak is coming from the belt - it could be coming from the cam synchro or somewhere else. Take the serp belt off and run the engine briefly and if the squeaking stops, then it's probably the tensioner that's out of alignment. Put a straight edge on the tensioner pulley and see if it's in alignment with the crank pulley. If not, then shim the tensioner straight, or else buy a new one. But like I said the tensioner is poorly designed and a new one might also be out of alignment and will need to be shimmed, so check it with a straight edge after installing it.
Some Rangers, like my '00, came from the factory with larger sized pulleys on both the tensioner and the idler, and this causes the serpentine belt to be stretched way too tight during normal operation, which contributes to the pulling of the already weak tensioner out of alignment. When swapping in a new belt I could barely fit my belt over the pulleys so I knew something wasn't right, so I looked through the catalog at the auto parts store and sure enough Ford offers two different pulley sizes. I bought one of the smaller pulleys (if memory serves me it's about 3/4" of an inch in diameter smaller) and installed it and eureka my serp belt installed so much easier and the belt now puts so much less strain on the tensioner.
After swapping in a smaller pulley and shimming my tensioner I've now put on about 120,000 miles with no further problems. My serp belt is also lasting way longer than it used to - I bought my truck new and my first belt had to be replaced after only 10,000 miles, and I think I got about 100,000 miles out of my last one.