+1 with Bob's suggestion as the most likely/easiest to check location. Otherwise, you may have:
1) If you have old/original rubber brake lines, a bit of rubber may have come off inside the line and is blocking the return flow /release of pressure within the brake hose, or
2) a bit of rubber/grit or gunk made its way into the caliper and is causing similar problem there in one of the passageways, or
3) the pisotn on the caliper has a ring of rust/crud on it which is preventing it from retracting back into the caliper, causing dragging.
ITems #2 or 3 require teardown and cleanup of the calipers, Item #1 may be solved by replacing brake line hose alone, but if I did that I'd also take the calipers apart to ensure they were OK.
Hopefully it is just some sludge in the TINY return hole inside the M/C reservoir - a bit of congealed brake fluid could plug it up. Make sure to use NEW clean brake fluid from a sealed can, and flush out all the old fluid while at it.