Correct me if I'm wrong but I thought 501 is an abrasive cleaner (a polish) that has some protection qualities - an all-in-one type product. The Squeaky Clean is different in that it contains no sealant at all and no abrasives. It is considered a paint cleaner but it uses chemicals to do so, not abrasives. Another example of this type of chemical cleaner is P21S Paintwork Cleanser.
I could be all wrong about this but that is my understanding of it. If I am correct, these are two different products with different purposes. That is, Squeaky Clean will clean your paint but not polish it in preparation for an LSP. 501 on the other hand can be applied and stand alone as an LSP.
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