When the light is illuminated, the traction control has detected a fault and shut itself off to prevent further damage.
You wont hurt it by driving it, but you should get it to the dealer as soon as you can.
Quite often a problem with the ABS (anti lock brake system) causes the
traction control to shut down. When one of the wheel speed sensors
fail, the computer can no longer make adjustments to each wheel
properly and will shut the system down. The ABS system and the traction
control system share the same control systems, so a fault in one causes
a fault in the other.
In the winter, snow and ice often build up on the wires that connect to the ABS sensors and pull them out of the sensor.
Short Answer: It is probably a problem with one of the 4 wheel speed sensors.
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