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Andrew,
I hate to be a bearer of bad news, but our 96 850 very recently had the light illuminate also. Additionally, the TRACS light would illuminate. There was no pattern to when the lights would come on.
IF you are lucky, when the ball joint was replaced, the sensor wire or circuitry was damaged, thus causing the light to come on. BUT, be prepared to take the car to a reputable dealer, or service center. They will take an hour or less to plug a code analyzer into the ABS circuit; the results will be a faulty sensor or the ABS computer. Ours was the computer. $600+ for this.
My repair shop says if the results indicate a faulty Rt.Rear wheel sensor, they have learned the computer is usually the faulty part, not the sensor.
This was the case with ours. Very expensive. We love the car otherwise
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