I have a tendancy to tighten my water in fuel sensor a little too much... so it doesn't leak. I think I tightened it too much and it bottomed out and the light came on. I ground the probes back about 1/32 " and all seems fine now.
You might try the same thing.
By the way I have never seen water come out in my 5+ years with this truck. Anyone else ever find any water? Just wonderin'.
Jay
NOPE! No Water in 17+ years. GregH