I have an 01 LS that I keep getting the service traction control system light every few times I drive it. Usually before I get it I will lightly apply the brake and the pedal feels like the abs is kicking in like crazy then a minute or so later the light comes on. But consistantly when I first start up the car and put it in either reverse or drive and apply the gas no matter how lightly or heavy the traction light comes on and I can hear a mechanical buzzing/clicking sound. The light goes off after a second or two and so does the sound. This wont happen though if I manually turn off the traction control.

I'm thinking its a bad wheel sensor, what do you guys think?

 

I agree that a sensor is probably throwing the codes

 

Try unpluging sensors and put dielectric grease on them and replug them.. they some times get water in plugs....