The rear wheel ABS sensor is the usual suspect but there are other possible issues. You need a scan tool that can read the CAB (controller antilock brake) module. There's also a way to read the codes by grounding a pin on the CAB and counting flashes on the ABS lamp. It's poorly documented. From another site:
Short pin 13 (black wire) of the Datalink connector (above the driver's feet) to ground, and the ABS light should blink out the trouble codes.
Here is the list of the ABS-light blink codes for the 1994-1996 system:
1 Not used
2 Open Isolation Valve wiring or Bad Control Module
3 Open Dump Valve wiring or Bad Control Module
4 Closed RWAL Valve Switch
5 Over 16 dump pulses generated in 2WD vehicles
6 Erratic Speed Sensor reading while rolling
7 ECM fuse pellet open, isolation output missing, or valve wiring short to ground
8 Dump output missing or valve wiring short to ground
9 Speed Sensor Wiring (high resistance)
10 Speed Sensor Wirign (low resistance)
11 Brake Switch always on
12 not used
13 ECM PLL failure
14 ECM Program Check failure
15 ECM random-access memory failure
I've had the ABS light on when the brake fluid was low. I've also had an "erratic speed sensor" because the tone ring was chipped.