Cruise Control Not Working

The ABS system provides the vehicle speed signal for many systems, possibly including the cruise control as well. I would have the diagnostic codes read out and have the diagnostic procedures performed according to the information associated with the codes. Your looking at around an hour of labor to diagnose this.

The two problems may be related, but it's impossible to tell without a full diagnosis. RepairPal has some content on the ABS warning light that will get you started with regard to what to expect: http://repairpal.com/abs-warning-light

its the speed sensor located on the top of the rear drive axel.....make sure when u replace it that the rubber seal in the wire harness is intact or u will get corrossion and ur problems may start all over