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Assuming that you know for sure that you have a 1990, then rest assured that you do NOT have ABS. If you did have it (because maybe you have a 1992 or '93), you would see a humongous box with brake lines coming out of it sitting on the driver's side shock tower next to the battery. I'll bet you don't have that, if you have a 1990.
And since you don't have ABS, you have dual, independent braking systems (each a triangular pattern) with the octopus to compare their pressures. The brake warning light is controlled by the switch inside the octopus -- when it is set off (by unequal pressures, indicating a true problem), it is grounded, completing the circuit and lighting the light bulb. The temporary, faint glowing that you see is due to some corrosion of the electrical contacts inside the switch, allowing some high resistance grounding (if it was a serious warning, the light would go on and stay on brightly). Odds are very good that over time, the light will become brighter and more persistent as the switch components continue to degrade.
There is a replacement kit for the switch, Volvo p/n 272702-2 ($36.23). But I'm reluctant to suggest that you replace it yourself, because it is challenging (you have to lie on your back under the car and work with a mirror and small tools) and, since you thought you had ABS, you seem (and you'll have to pardon me for saying so) too inexperienced for this. I'd suggest going to an independent shop that knows these cars, and letting them charge you one hour for labor (it took me less than that time) and the cost of the kit -- which you now know, so don't let them overcharge you!
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