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Q: Air Suspension Light is on on 2001 Lincoln Town Car

What could the reason for this? Is it the struts/shocks or an indication of an air leak? Hopefully it's not the compressor. Please advise.
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First, make sure the system switch is in the "ON" position in the trunk.

Beyond this, your vehicle is saying it sees a problem. There are several components in question - such as your compressor and / drier, and each rear spring, solenoid, height sensor...control module. A good diagnostic test from an experienced tech is in order.
First, thanks for the reply, and yes, you are correct about the switch being "ON" in the trunk. I had just bought the car and evidently during maintenence check, it was turned "off". I will also have a diagnostic tech done for any forseeable problems that maybe looming. Again, Thanks!
Great news! Glad you found it "OFF". Awareness of the system is good, but hopefully you will have many miles of trouble free operation.
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