It means don't wait until tomorrow or next week. The light came on for a reason and experience indicates that it will only get worse. What might be a sticky solenoid now [$500] will evolve into a complete rebuild rather quickly. [$1500 or more].
seeing that your truck is a 01 I think it is not warranted any more correct ???
You can try your trusted mechanic, but most of the 01 tranny problems are a blown or bad valve body gasket and there is a new replacement kit for it. Also it could be the solenoids in the tranny going bad...
I don't think most mechanics that don't do tranny's every day will know the proper diagnostics or repair procedure for it.....
Like they said, maybe $550 now, or wait and it could be $2300 for a rebuilt tranny, as was the case for me when I had the 'Blinking O/D light of death'. I'd get it into Ford NOW and have them run a diagnostic check.
Anybody's guess at this point. Have to find out what the problem is. Only a diagnostic test can tell you that and a dealer is best equiped to do that. Any tranny problem is going to cost some bucks.
I had this happen about almost 30K miles ago and mine is still fine. Happened once and hasnt happened since. Mine happened when I was speeding off an exit ramp (onto I-95) mine might of been luck that it is going stong still so please get it checked. Had my scangauge and it showed no codes in the system.
I would take it to a tranny shop and read it there is a place in town that will check mine out for free. I just havent made my way over to have them check it out.