* Automatic Transmission: The drain plug is typically located on the bottom of the transmission case. You'll need to get under the truck to see it. It's usually a bolt, but its exact location varies slightly depending on the specific transmission used (e.g., 4R44E, 4R55E). You will need to consult a repair manual specific to your vehicle's transmission type to be absolutely certain.
* Manual Transmission: Manual transmissions on these Rangers generally don't have a drain plug in the traditional sense. The transmission oil is changed by removing the transmission side cover (which is a much more involved process).
Before attempting any transmission work:
* Consult a repair manual: A repair manual specific to your 2001 Ford Ranger 4.0L (and specifying automatic or manual transmission) is crucial. It will show you exactly where the drain plug (or access points for oil change) is located, and the correct procedure. Improperly removing or replacing the plug can cause damage.
* Identify your transmission type: Knowing your specific transmission type will help you find the correct information in a repair manual or online. This is usually stamped on the transmission case itself, though it can be difficult to read.
In short: Don't rely on this answer alone. Use a repair manual to locate the drain plug safely.