I am not so sure about your truck, but alot of todays vehicles with ABS use the ABS sensors for the vehicle speed. They take the speed of all 4 and average it out, because you might be making a turn and the outside wheels turn faster than the inside wheels, then it sends the signal to the speedo.
The sensor is located on the tail of the transfer case.
If it were on the trans, you would have an incorrect speed reading when the transfer case was placed in low range.
I am not so sure about your truck, but alot of todays vehicles with ABS use the ABS sensors for the vehicle speed. They take the speed of all 4 and average it out, because you might be making a turn and the outside wheels turn faster than the inside wheels, then it sends the signal to the speedo.