I have just had a spell of this, which has now cleaned up completely, much to my relief.
I thought I was going to have a big bill for a new sensor...
A lot of the time, the sensor or ABS ring (?) gets dirty, which can cause the light to flash.
Mine cured itself after driving through a ford, although I`m pretty sure removing the wheel and CVs, then giving the ABS ring a clean might well sort this out.