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That wire your speaking of is the sensor for the tone ring for the ABS system. Your prior trucks should have all had it. I believe they started doing this in 87, the first year or rear-abs.
Pretty sure it's the Vehicle Speed Sensor (VSS), that's used for engine and tranny controls (and speedo). It senses the rotation of a serrated ring in the pumpkin and converts it to frequency (cps) to go to the computer.
Yea Don's right. I forgot about that also. That is also where the VSS signal comes from also. It reads it off of the tone ring in the diff. It goes right in the top front of the differential. It has one 10mm bolt on it.