Found an article posted last year on a way one might address this pain in your elbows and/or shoulders when squatting or benching:
Obtain Flexibility in Shoulders
This is an issue that has surfaced for me back in May that made squatting brutal. I could only take 4 sessions of it before I started scouring the web for info on dealing with the problem. A quick fix solution was performing shoulder dislocations, however, this video/article seems to really hit the nail on the head and suggest ways of dealing with the problem.
Hope you guys find this useful.