I can’t remember what TFT said the cause of the chirp was when mine did it (the 2nd time it went back). I seem to remember it does make a difference to rebound and compression damping, but it’s annoying and needs fixed.
Get it sent to TFTuned and depending on age and proof of purchase it should get sorted under warranty.
The final straw for mine was when it got stuck down on the morning of a 2 day visit to BPW. Needed loads of pressure to re-extend it and C&D settings were way out. Ended up with a $75 warranty upgrade direct from Cane Creek.