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I had the same problem on my 2000 ranger. It turns out it's the Electronic Speed Sensor (I'm pretty sure that's it's "Ford" name...if not, just describe how I describe it to the ford parts counter and I'm sure they'll know what you're talking about). It's about a $10 part from ford, there is a sensor mounted directly forward a couple inches and on top of the rear differential. There is one bolt (14mm I think) that holds the sensor in place, you unbolt that, pull out the sensor (it's somewhat cylindrical in shape like a wine cork), unplug it (just a simple 2 prong plug, no special tool required), plug in the new one, bolt it back in...and you're done. Literally an under 10 minute/$10 fix. I screwed with some stuff under the hood and somehow it messed up this sensor. Not a big deal at all though...best of luck.

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Q: Why does ABS light on 2000 Ford Ranger comes on and speedometer stops?
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