You'll be fine, but wouldn't hurt to be extra vigilant about braking early and keeping enough distance between you and the car in front.
With ABS the car may stop sooner in some conditions, especially if all a person does is mash the pedal down and keep it there, but in others (like snow over dirt or dry pavement, or gravel) it's actually possible to stop sooner w/o ABS. When the light is on your car's braking system will still work the same as a non-ABS car, it's still safe to drive.

If you've driven cars w/o ABS before, when the light is on, that's what you'll be dealing with. It's unlikely that the system will actually cause you to have trouble stopping, it should either work and give you anti-lock, or shut itself off - however, if it was me (keeping in mind I have experience driving w/o ABS in snow & ice, even on my current ABS-equipped car) I would disconnect or disarm the ABS until I had the sensor fixed, just in case.

Either that or you could leave it disconnected (and not get the sensor fixed) if you find it brakes predictably w/o ABS in slick conditions. Either way, the point of disarming it would be so that you'll have a consistent car when braking, so you don't have to deal with varying or unpredictable braking situations. Not necessary though.