I have heard sounds like that and traced it to the exhaust system. Follow your pipe out of the engine till you find the adjustable rubber mount. Adjust it up and see if it helps the squeak.

 

I take back what I just posted. I re read what the symptoms were and that is the EBS clutch that makes that noise. I have heard it on all EBS Polaris ATVs. It good to get it checked out but it is probably normal. The one way clutch has a bearing that I think makes that noise.
The clutch alignment from the factory sometimes is not that great. Make sure the dealer checks clutch offset, top and bottom, with the proper EBS alignment tool. The center distance betwwen the two clutches should be 10". There should be no belt deflection in an EBS system and adjusting your center distance is the only way to get there. I have found that enlarging engine mount slots is the only way to get the clutches right on with some atvs.

 

You got it bud. When I get on throttle it goes away. Polaris500HO4x4 sounds like he has ridden my 700 cause that is exactly what it sounds like. It is a little more comforting to know that other peoples quads are doing the same thing as well and that it is somewhat normal. It sure will drive a man crazy though. One thing for sure, it doesnt stop me from getting to the 65 mph mark being 300 pounds with a bow on the back also. What a heck of a 4 wheeler. By the way just for some thought this co-worker of mine says his honda 400 makes more torque than my 700. So he shouldnt have any problem pushing snow he says. What do you guys think?

By the way thanks guys for all the information. It is forums like this that makes us all informed and educated. I love it.

Kyle