Inspired by the recent work [Nature (London) 521, 336 (2015)], we propose a scheme to suppress the backaction-induced dephasing of the spin state in a spin-oscillator system by squeezing the quantum fluctuation of the two-mode oscillator. We show specifically that squeezing either on a single mode individually or on both modes simultaneously could be used to effectively suppress spin dephasing. Therefore, with a spin-oscillator interferometer input by the spin-dependent squeezing cat state, the sensitivity of the rotational parameter estimation can be significantly enhanced. Given that various squeezings on the two-mode vibrations of the oscillator have been experimentally demonstrated, the proposal could provide a possibility to implement the sensitive parameter estimation, particularly in the ion-trap system.
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