When I drive in stop & go traffic the yellow Rear ABS light along with the red Brake light will come on and the rear breaks will start to drag. If I stop the truck, shut it off, and wait awhile the lights will go off and the brakes will operate normally. Also if I pull the fuse the yellow ABS light will remain on but the brakes won't drag. I've tried replacing the rear brakes and hardware, and also the speed sensor on the rear differential, but the problem still persists. Has anyone encountered simular brake problems?

 

Sounds like the hydrualic control unit, just replaced mine for almost the same symtoms. (about $100.00 at autozone, O'Riellys, etc)

Go to autozone.com and pull up the ABS brake trouble shooting flow charts for you truck. Read and follow them to the letter and they will lead you to the problem.

One of the best things you can do for your ABS system is change the brake fluid about every two years. Most owners (myself included) just wait until a problem occurs but it's money saved to stay ahead of things.
Good luck>