I dont usually drive much on weekends except to move it from the alley to front of the house and noticed ps was hard but just thought it was cold.
this morning go out to move it and notice a puddle, larger than usual, of oil it is ps fluid so im thinking a hose so drop kid off at school and get back and open hood to check it out and I hear what sounds like air releasing hsss then I go to check the ps fluid and it overflows out so I put cap back on I notice fluid is milky looking like it was pressurized maybe? what the.... now that its getting cold I suppose let the games (wrenching) begin yay

 

It could have been low and that may have caused foaming. Check to see if you can see a leak. You may have to jack up the front axle, add fluid and try turning the steering back and forth to get air purged out of the pump while it is running. It just sounds like a leak, got low on fluid and you got air in the system.

 

I had a problem on my 97 2500. ABS and Brake light came on like if parking brake was engaged. brakes got weak and started leaking fluid like you. I had to replace the hydroboost and master cylinder because they work off each other and were leaking in between each other. I found it as a common problem on here but the symptoms were the same as yours same truck and the ps and brakes work off each other.

 

i had a problem similar to this, but it presented with REALLY cold weather. my issue was solved by switching to synthetic fluid. try flushing and replacing with synthetic. good time to check for leaks also.

 

Check your PS lines carefully for a pinhole leak. I had one on the 97 that did not lose fluid very quickly, but had the problems you describe. It finally rusted away enough to start leaking. Replacing the hose fixed not only the leak, but also the aeration.

Mine drove me nuts trying all kinds of things.......