Squeeling noise when i let off

No its not tires. I've got a stock 2000 GT auto. When i floor it, at around 35mph, it spins the tires until second, chirps into second and then keeps on truckin, but when i let off on the gas it makes a squeeling noise like a belt slipping, pretty much every time i let off. It sounds like its coming from the engine bay so i assume its a belt. Is this normal? or do i have a loose belt... or warped pulley... or something weird... or are their leprechauns hacking away at my engine with little minature chainsaws? It only does it when i get on it hard, wot, and then let off.
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ahh ok, well i guess im not too worried about it then. Just out of curiosity, what causes it... i've always told everyone that theres a belt tensioner that comes on at WOT and then loosens when you let off the gas... that was completely pulled out of my ass, but i figured it sounded believable.
The belt tensioner is spring loaded. It has no linkage to throttle position. It is simply a spring. Get a Gator belt. Keep you old belt and a belt changing tool to release the tensioner in the spare tire well in case of emergency.