I have a 01 F-150 4.6L w/OD. The light that comes on when you you take the truck out of OD is not working. Come to think of it then I push the button in nothing happens! No light and no trany down swift. What's up?

 

Mine did the same thing a ways back (1999 5.4 F150 V8). First thing I would do is make sure you don't have a burned fuse.

Next thing, which was the problem with mine, was to take apart the gear shift assembly and check the wires that go from the OD switch to the inside steering column housing. One of mine was burned (actually visibly black). I changed the wire and it worked fine. Hopefully yours is nothing major.

You dont need to actually take the gearshifter off. Just take off the top plastic shroud (you'll probably need to remove your ignition switch for this, I do on my model). You will then see the wires that come from the OD switch and out the bottom of the shift lever. You'll have to cut the wires and pull them out from the top of the shift lever where the OD switch is. There is an outer circular piece on the end of the shifter by the switch that will pop off and let you remove the switch, and then the piece underneath it that the wires are attached to. Observe wires for any damage. You can also use a cheap electrical meter to test the wires for continuity in case there is no visible sign of damage.