I believe if you can easily get to the valve solenoid, the cylinder shaped portion with wires going into it will be a strong magnet when the PTO switch is actuated. So hold a small wrench close, flip the PTO switch on and you should feel a slight attraction between the wrench and that electro magnetic portion of the valve. (you should also try a test light on the wire if no magnetic field is found)
My PT018 gas tractor sometimes has a dead ignition switch after sitting for long periods. As I move the wires to troubleshoot, it goes back to normal so I can never pinpoint it.
By doing this troubleshooting, you are separating the electrical system from the hydraulic system portion and if electrical, it may correct itself as mine does, so periodically start and check operation.
You have to be careful with this suggestion, but if you determine the magnetic field is present, then with the engine running and PTO switch on, lightly tap on the valve and it may cycle.
When you check your hydraulic oil, is it clean and clear or cloudy/milky in appearance?