After pulling out of driveway, traction control light started flashing and engine lost power. Lifting off throttle, light continued to flash even though there was loss of traction(dry road).

Applying throttle did nothing. Pulled over while light continued to flash as if there were still a traction problem. When stopped, I shifted to park, at this point the light went out. When shifting to drive, the light started flashing again. I then shifted to park, and shut off the engine. When the truck was started immediately afterwords and shifted to drive, the light did not come back on.