Is it ETS OFF? That means the traction control is turned off or there is a problem with it. ETS is the cavs "Electronic Traction System" Do you notice any difference in grip or handling when the light comes on at all? If it is coming on and off it could be a fuse or a censor, or something wrong with the ETS itself. Check the fuses and do an error code scan, maybe that can tell you whats wrong.
As for abs, mine stays on 24/7, again i think its a sensor but i dont bother to get it fixed, brakes fine without it.