Yup, sticking metering valve in the IP as posted above. Has the truck or IP sat unused for length of time? Common when the IP is on the shelf of unused for a while. It should get better with a bit of lube (the ATF Kevin suggested), but it can also be a sign that's is time to start looking for a rebuilt pump. I've had this happen to my IP's in the past, and not long afterward, I needed a new pump.
Heath