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Hi from the UK.
I just changed a faulty front ABS wheel sensor on my 2001 chrysler voyager, I posed a thread earlier this year explaining how to test the sensors. Anyhow the new sensor cost me $36 from Ebay (USA) and when I fitted it the light went off after approx 1/4mile of driving. That was three months ago and it's been off ever since.
I doubt the problem is with your tone wheel (the bit on the driveshaft) the rears are inside the hub and well protected from the elements, the fronts can get corroded though. Most likely a broken wire some where.
Unplug the suspect sensor with the ignition turned on and one of the wires should have approx 9V DC supply to the sensor (measured to the chasis ground)