Can anyone here tell me how to set up and run it locally?

You can start by looking at one of the subsections here, depending on if you're looking to run the front end or the back end or both: https://github.com/SigNoz/signoz/blob/main/CONTRIBUTING.md#2-how-to-contribute-%EF%B8%8F The docker-compose setup referenced there can run the frontend and backend in Docker containers, too, so you can use

docker logs