Are your pads and shoes worn excessively? Rear shoes out of adjustment? The light will come on if there is excessive fluid movement in the system, kicking the piston in the proportioning valve to one side.
Had that happen on all three of mine, two 83 2WDs and an 87 4WD, when the inside pad disintegrated on the right front caliper. I think the slider mechanism in the caliper bound up.
Anyway, the fluid is going somewhere. If it isn't leaking, it is most likely displacing an overtraveled piston
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