Called the bike shop and was advised to use some waterproof grease on the springs, etc. Considering the fact that the squeaking stopped when I used a thinner lubricant and only started after 20 miles I think I agree with the mechanic at the shop that the lighter oil dissipated and the grease will probably solve the problem. We'll see. Of course I wiped away the excess and tried to work the grease into the spring mechanism. Was also suggested that I remove the cleats and apply lubricant between the cleat and the shoe but I would rather take the easier course first.