My rear anti-lock brake light has been on since I bought my 95 4runner last March. I never had any problems with it but it does get annoying having that orange light glow all the time. When I got my alignment done after my BJ spacer install I had them run the code. The code came up as a bad right rear speed sensor. My question is if my speedo is working, although not at all accurate due to the 33's, should I even worry about getting this fixed? Any opinions are appreciated. Thanks guys.

 

I'm not real familiar with the toyota ABS system. But ussually when the ABS light comes on in most vehicles it shuts off the ABS.
I'm looking at the fsm and it says the sensor is located on the rear diferential and it reads off the rotation of the ring gear.
In this fsm they have a really easy write up on how to diagnose these sensors. It's probably easier for you to take a look in there, than me try to explain it. Start at the speed sensor section.
Really though the first thing I would look at is the wire isn't stretched and to see if the sensor is mounted properly. With that lift you could've put a little tension on the wire, kinda like what happens with the brake lines.

 

i have been experiencing the same thing since i bought my runner a year and a half ago too. no issues besides a light though. i'm interested to see what others have to say.

 

The sensor is probably just dirty; you guys with the codes should remove the sensor from the diff & clean it. Apparently they are easily damaged so be careful taking it out etc. I have mine out since my diff change & it's in my garage now.