just bought another 2001 ranger today. noticed the cruise control didn't want to work. pressed the ON button, then pressed SET and my SPEED CONTROL light blinked once. the cruise control did not engage. I ran the KOEO test, and all the switches on my steering column blinked once like it said it should. I am not sure where to go from here.

 

Common issue around 2001 Ranger year was the pressure switch on the brake master cylinder, brake fluid would get inside the switch, they run about $20.

I think there was a recall for this, Ford wouldn't fix free now but could be the problem.

Ford Dealer can look up your VIN so you can see the TSB/recall and get correct part, this would be a dealer item or wrecking yard

 

I tried the test in my old ranger that I am replacing, thanks to being rear-ended on the freeway and totaling it, and it worked on that one. I remembered seeing something about that switch while browsing online, and decided to swap them out. Worked great.

 

Good work

Thanks for the update