Minor issues with my 240.

[Titan]

*Tried searching for these issues, but came up with bubcas.

Just recently I purchased a 89 240 hatch in great condition.

In any case, there are a few minor issues I have noticed since.

Issue #1

Every time I start her up, a reasonably loud squeak comes from under the hood. It gets a bit louder as I let out the clutch, but eventually stops completely after about 5-6 seconds.
I believe it to be the fan belt, or fan itself, as I assume a loose timing chain would rattle rather then squeak right?

Issue #2

The car just passed emissions with flying colors less then a month ago; all the limits were way below (thanks to a new O2 senor). Yet after I let her heat up and begin to rev the car, slightly white smoke came out. First thing I thought was that it might be a coolant leak, as the coolant level was a bit below minimum. Yet, as I sniffed the smoke, it didn't smell sweet. Also, there was visible condensation at the tip of the muffler, where upon examining it, it didn't smell like oil or coolant. Since it passed emissions, I'm guessing any burning of oil or coolant would be detected right? BTW, the temp outside was about 12 C (~54 F). Tommorrow I'll take off the coolant cap, have someone rev the car, and see if bubbles come up.

Any advice on these two issues would be greatly appreciated, thanks.