Dedicated squid jigs have been developed and improved over the last decade or so to the point where I wouldn't bother with anything else. A squid jig looks like a prawn-shaped body with two or three rows of steel spikes angled up from the bottom. As you jig the lure up, the spikes hook into the squid's tentacles when it attacks. A squid doesn't bite the bait as a fish would. This means you need to retrieve the jig in a smooth motion so that the squid doesn't fall off. A squid will not fight strongly against the retrieve so you can be careful with your retrieve motion.