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It's probably the thin plastic bearing shim at the top of the column. Mine is bad, and I bought the replacement a year or so ago, but I've never gotten around to installing it. I think it was only ~$2 from Ford, and it can probably be replaced by just removing the steering wheel, but I've... uuh... been busy. If you want an exploded diagram of the column, check this album or e-mail me for a larger JPG.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.