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brake and abs lightcheck brake fluid level. The round float in the master cylinder directly controls the 2 dash lights.

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The light is NOT directly controlled by the master cylinder float. The light is controlled by the ABS Module, which location depends on your vehicle. There are a number of different reasons the lights come on. If it comes on but shuts back off within seconds, don't worry about it, that occasionally happens when it gets a bad signal ("nonlatching error"). In rear-wheel-drive (RWD) vehicles, it is common for the differential speed sensor in the rear differential to go bad. You can pick up a Haynes manual to find if you can do at-home diagnostics (Temporarily grounding out the diagnostic lead will cause the ABS light to flash out a pattern indicating the error)

Check the Brake Pressure switch ( also known as SPEED CONTROL DEACTIVATION SWITCH ) which is located below the Brake fluid master cylinder for leakage. The leakage can cause both lights to stay on and also cruise control control not working and even worst.. possible fire .. Please refer to http://www24.brinkster.com/sdhartney/linc/05s28rev14.pdf for more information. You can buy replacement part at Ford dealer and replace it yourself depends on your skill in about 30 mins.

AnswerIt could also be an ABS system trouble code / condition.

See "Related Questions" below for more ABS stuff

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Q: Both the parking brake light and ABS light come on together every so often yet everything seems to be fine any suggestions?
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