We report the generation of a squeezed vacuum state of light whose noise ellipse rotates as a function of the detection frequency. The squeezed state is generated via a four-wave mixing process in a vapor of Rb-85. We observe that rotation varies with experimental parameters such as pump power and laser detunings. We use a theoretical model based on the Heisenberg-Langevin formalism to describe this effect. Our model can be used to investigate the parameter space and potentially to tailor the ellipse rotation in order to obtain an optimum squeezing angle, for example, for coupling to an interferometer whose optimal noise quadrature varies with frequency.