" There are several things that can cause that code, including interference or "noise" on the crankshaft position sensor and the camshaft position sensor circuits. It could be a faulty PCM (not likely), it could be that your PCM needs to be "reflashed", or it could be as simple as getting a bad tank of fuel.
The service manual basically says to check safety recalls, check for Technical Service Bulletins (and repair accordingly), and if none are found, clear the code and drive the vehicle to see if the code re-sets. If it does, then there is a big L-O-O-ONG list of things that need to be checked to verify the actual cause of the code.
There is however, a safety recall for the wiring harnesses in your vehicle that could potentially cause this code to set. If the recall has not been performed on your truck, you should be able to get this done for free at any authorized Ford dealer. This is Safety Recall Number 05S34."
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