Either the parking brake is set, the pressure is wildly different front-to-rear, or the ABS computer is pissy.
What year / flavour of truck?
You can try resetting the combo valve by pressing the rubber dimple on it, as that's tied into the second option above. Fiddle with the parking brake and make sure the lever isn't clicked once and the switch isn't gummed up, that's #1 above, and if your truck is a 90-91, the ABS computer might make it blink.
Oh, and #2 can happen if you have, say, a leaky wheel cylinder in the back but the fronts are okay, or a leaky caliper up front but the back's okay (but I think you'd notice this.)
-- A