Make sure the parking brake has completely disengaged -- if the pedal isn't all the way up, the brake light will stay on.

Also check brake fluid -- if it is low, find and repair the leak. Rust will wear off, but if it is very deep, you may get pulsation from where the rotors didn't rust under the pads. Might need to do brakes if that is really bad, it won't go away by itself.

Peter

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1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!