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Check the wiring to the speed sensors on each front wheel, and on the rear axle. Since the car has been sitting for a long time, it would also be a good idea to look at the tone rings on each front hub. If they become rusty, it can cause distort the speed signal and cause the light to come on. It is also common for magnetic debris to build up on the tips of the front wheel sensors, and when there gets to be too much of it, it will spoil the signal and light the light.
Does the light come on when you turn the key on, then go out when you start the engine, then come on again as soon as the car moves, or does it come on with the key and remain on continuously? Normally, the system resets itself each time the key is turned off. I had an 88 740 GLE with ABS, which had various wiring faults over the time I owned it, and sometimes the light would come on while driving, after which it would stay on until I turned the car off, then it would come on again when I turned the car on, go out when it started, and come on again when I hit a bump or something that would cause the bad wire to wiggle and momentarily break the connection.
See the 700/900 FAQ section in the "select shortcut" menu at the top right of the screen for more detailed information on the ABS.
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