FYI, I just replaced my wheel bearings and rotors. When the hubs were off, I cleaned off the ends of the sensors and put the wheels back on, still having the same problems. It makes me think either one of the sensors is bad or its the rear.

Also, I noticed that the wire from the brake pad sensor (where it attaches to the caliper) to the body was severed. Would this make the ABS light come on?

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1963 Ford F100 - Cummins Swap?
1985 Mercedes 300SD - 210K
1992 Ford Festiva - 92K
2001 Ninja 250 - 8K