For those interested...
The squirrel is doing fine. He has become pretty active. I have been feeding him diluted cow's milk (though one of the websites warned against it, I just couldn't find any other alternative) and fruits. I feed him milk using a medicine dropper.
I try to play with him whenever I find the time. Initially he was scared and hesitant. Now, he has no problem climbing up my hand. Sometimes he sprawls on my palm and enjoys the rub I give him! He is turning out to be a good pet. But, I know I'll have to let him go sometime. A few more days of nursing and I am sure he will want to go and explore the world.
Candy, thankfully he did his small job without us using a wet towel.
Thank you all for being helpful.

Sugy