I just bought a 2008 Volvo XC70 and when I test drove it everything sounded fine. Now after driving about 300 miles or so there is now a highpitched "eeeeee" noise coming from the engine.

The noise is still there when driving
When turning the wheel the noise gets louder

Anyone know what this could be?

 

Does it go away if you remove the oil cap or dipstick?

 

No the noise is still there... also the other day I had to turn around and made a 180 degree turn. Once I stopped after the turn white smoke was coming out of the front driver tire well. Wasn't the calipers overheating

 

Okay not the PCV then. Check the power steering fluid level and condition.