Is your truck 4 wheel drive?
It could be the breather hose for the front diff.
Also the trans breather is supposed to be up by the firewall, could this have come loose and fallen down?
What color is the oil?
1992 GMC Sierra("2003 TDP Photo Contest Winner") 6.5L Turbo Diesel, 4L80E Auto, 4x4, 3" Body Lift, 33"x12.5"x16.5" Tires, Back Country Nerf Bars, Banks Stinger Kit, Banks Pillar Pod, Banks Boost, Pyro, Trans Gauges, Kennedy Quick Heats, Lube Specialist Oil Lines cooler kit,
2001 GMC Sierra EC K2500 6.6L 4x4 Duramax-Allison Long Bed, Predator 40hp program.