Went to visit my buddy and his wife tonight, and showed him how to check codes with the key on his truck, using mine as an example, and I got a P0500 code, which I believe is for the speed sensor. I've been told that just sitting still and holding the rpm's above 1000rpms can set this. I've done this the past few mornings to warm the engine up faster, but never got a check engine light or anything. Just incase that isn't it, wheres this sensor located? I think this is the second time I've gotten it in about 2 or 3 months.

 

it is the rear wheel speed sensor, located on top of the diff housing, to the left side. Check the wiring to it first, then the sensor.

 

High idling for a while will set the code. Sensor is on top of the rear diff. Wiring could be chaffed as it is close to the rear suspension and parking brake cable.

 

High idle and burnouts...on one rainy day i did a 1/4 mile burnout and i had the code a few days later i also idle up in the morning.

 

I've never had mine set an 0500 just on high idling. That said, in colder temps here, there is a lot of high and 3cyl idle going on.

I have had it set an 0500 just from a slip of the wheels on loose dirt, or moving off on ice, or rapid decel on ice, or just about anything else involving ice. Just never from high idle.