There are two sensors and one solenoid/relay on the stock CUCv fuel filter.
1. Pressure/vacuum sensor behind the filter - Diagram E-11 - Known to leak and is only used with the STE/ICE diagnostic system. Many have disconnected it and plugged the hole for the sensor
2. Fuel Heater - Diagram E-20 - It is powered by the wiper fuse and is on anytime the key is on
3a. Water-in-Fuel solenoid - Diagram E-1 Gets power when the key is in the START position via the purple/white wire with the black as ground.
3b. Water-in-Fuel light - Diagram E-3 and E-4 - I have never taken apart the WIF solenoid but I think this is how it works.
When the solenoid closes it completes the circuit for the light. Power is supplied to the light via the pink/black wire Circuit 139A in diagram E-4. It goes thru the light and on to the solenoid via the yellow 50B wire diagram E-3. (the big IF) If there is water in the fuel then the ground circuit closes and the light comes on.
Power is also supplied via the pink/black wire 39A (diagram E-4 and E-3)
This is a big guess but there may be a timer in the solenoid that turns the light on for a few seconds.