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2nd Gen Ram Tech1994-2001 Rams: This section is for TECHNICAL discussions only, that involve the 1994 through 2001 Rams. For any non-tech discussions, please direct your attention to the "General discussion/NON-tech" sub sections.
The speed sensor is on the overdrive unit of the transmission, If the speed sensor goes out the transmission will still shift. The other sensor is for the ABS and will give you an open ABS circuit code.
I'm betting it's the one in your rear diff. My '99 Ram did the same thing a couple of months ago. Changing the sensor in the rear diff. took care of my problem, got the speedometer working, and the ABS/Brake lights to go away.