Yep, it's a clue that there is air still in the system, or the master is only pumping fluid to the front or rear brakes only.
The light is activated by the brake fluid moving a small valve, and if the pressure isn't the same front and rear it moves the little valve off center and makes the warning light come on.
It actually could be the master cylinder, it just that most people can't get the air out of their brakes is why I said probably still air in them.
I see AJ answered right before I did. :D
Are your bleeders on the front brakes at the upper end of the calipers.
(some switch them around for torsion bars and that makes it where you have to take the calipers off to bleed them)
