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In the United States, when it comes to your 2001 Ford F-150, the power steering system will require automatic transmission fluid. The optimal choice of fluid can vary depending on who you ask. While the manual suggests using Mercon, some people prefer the updated solution of Mercon V. Although universal power steering fluid is an option, the manufacturer advises against it. Ultimately, there is not a single clear-cut answer for the best choice of fluid, but it is important not to mix different types. If you recently acquired the F-150 and are unsure of the fluid in the reservoir, it is recommended to vacuum or drain the fluid and refill it with your preferred option. Personally, I lean towards using Mercon V, but the decision is ultimately yours, based on what you have available.
I agree with Maria that MERCON V is the original equipment manufacturer's preferred choice.
Mercon is the preferred choice of power steering fluid for the 2001 model of the F-150 truck.