Before you replace it I better ask if you have a 4x4 or a 2wd? If if is a 2wd you could also have issues with the sensors/rings in the front end. On the 4x4 the most likely cause is the rear end sensor.
To answer you last question; You'll need to replace it, try a search and see what you can find on here, there have been posts on this before. If I recall correctly the sensor is around 50 bucks or so. Compare that to getting the ABS computer codes checked at the dealer for 80-90 bucks. If that rear sensor doesn't fix it I guess you'll have to get it read though. If you have the 2wd you might be better off getting the codes read to see what is up.
Good luck :banana: