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1.
the tense final stages of a league competition, especially from the point of view of the leaders, usually used in football (soccer)
With ten more games remaining in the season, its squeaky bum time for the league leaders, who cannot afford any more slip ups in their remaining games.
by Ron Atkinson January 30, 2007
 
2.
Old Glaswegian saying for "On the verge of shiting yourself", commonly said in the closing stages of a football match when their is a one goal difference between teams, and the other team is going hell for leather in an attempt to score a goal.
It was squeaky bum time for Man Utd earlier, as Chelsea scored to bring the score to 2-1 with 5 minutes injury time remaining.
by kolapop May 05, 2011