Re: '86 Ranger, squealing steering wheel?
First, I would spray the problematic area with a lubricant such as WD-40 to see if that rectifies the squeaky noise. If that doesn't resolve the issue then you could have an issue with your power steering pump or pcv joints. If there is an issue with the pump then the squealing sound would occur even when you are standing still.
One more possibility is that your power steering belts could be too tight or loose. I would advise checking the slack on these belts and adjusting them accordingly.