Have the system scanned and see what specific code it is. There are many specific codes that can come up and trigger that light. Otherwise you are just guessing. If it was a wheel speed sensor I would suspect you would have ABS and other brake related lights also. The traction control is activated and controlled by the ABS controller, and functions by applying brakes at certain wheels. So if one rear wheel is on ice and spinning, it will apply brakes to that wheel to slow it down and help transfer power to the other wheel. Both the antilock brakes and traction control activate based on input from the wheel speed sensors.
Any chance the truck is bouncing bad enough where it actually is triggering the traction control. Keep in mind that the traction control light will come on when the system is activated, for example if you start spinning the tires on snow the traction control light will come on. Doesn't mean there is something wrong any time the light comes on, just that it has activated.