I have a 95 2wd with the 350 and I had the red (P) red light come on on the dash. I replaced therear drivers side wheel cylinder along with the brake line. I bled both rear brakes but not the front. The parking brake isn't hook up and it was not on before I replaced the wheel cylinder. The reservoir is full also. I'm running out of ideas of why this came on and is staying on. I disconnected the battery to see if it would reset itself but no luck.

 

The parking brake pedal can trigger the light even if the cable isn't hooked up. The pedal assembly tends to wear out and engage the switch even if the pedal isn't depressed. It could be several other things but that's the first thing I would look at.

 

That's what it was. Not sure how it moved bit it was sagging a little bit and I pulled the release and pulled the pedal all the way up and it went off. Them as soon as i let it go it came back on