Does your cruise work ok or do you have flashing symbol of a gear on the dash?
See my post on 8-13-11 and see if you have the same problem, my trouble was on a 2004 4720.
I believe first I would check and make sure the MFWD sensor pigtail is plugged in. I talked to the service manager at our local dealer and he said that I could replace the MFWD sensor myself, but a word of caution as soon as you remove the sensor hydraulic oil will flow out of hole. I parked mine so as to lean away from the hole but oil was still above the sensor just make sure the new sensor has an o-ring on it and the old o-ring comes out with the old sensor. I don't think I lost over a few ounces of oil and could not tell any change on the dipstick.
Mine did that with maybe only 15-20 hours on it. That damned horn was aggravating as ****. I shut off the keyswitch, then restarted the tractor. Error cleared, hasn't returned in the last 30+ hours. Apparent false alarm.