Restoring the ol' spinning wheel

A few months ago, I got really interested in spinning. I made a drop spindle, bought some wool, and started cranking out yarn. It was slow, but satisfying. Then, my Oma made mention of an old spinning wheel she had in her attic. I'd grown up around the thing (used as a decoration, not a functional wheel), and had assumed it was either a non-functional piece, or she'd gotten rid of it. We pulled it down from the attic, and I spent a few days trying to make it work. Because it was so old, I didn't have any sort of instructions, and it was unlike any other wheels I'd seen.

I've been using it, but the thing squeeks so darn dreadfully. Taylor is currently in the process of fixing it up for me, so it'll work without forcing everyone to shout over the noise.