those tools are both different, and, neither will do anything on their own. removing your bolt will not remove your crank (no matter how hard you pull), and obviously, pulling your crank with the bolt inserted is not going to do anything but destroy your threads and make your crank a permanent fixture on your BB.
Now, for the squeak. this is often attributed to your BB being misadjusted. sometimes it's the chainring bolts. whatever you do, DON'T TIGHTEN YOUR CRANK BOLTS!. this will just lead to them becoming impossible to remove. i would say, remove your cranks, clean and do not grease the tapered spindle, and remove the BB. clean all the threads and use a little loctite blue 242 on the BB threads. also, clean up your chainrings and check the bolts for proper tightness. some loctite on teh chainring bolts never hurts, as i find mine loosen up often without it. hopefully that fixes the problem. if not, well, you knwo what isn't squeaking. i hate squeaking noisy stuff, uggh!!