I have just finished rebuilding my F1 rear caliper, and believe me it was doing exactly what yours is doing..
Basically the piston seals are too old and need replacing, plus the build up under the seal iteself, is where most of the problems come from.
the brake fluid and moisture build up over a long period of time causes corrosion of that groove where the seal sits, the seal can then no longer do its job of "rolling" with the application of movement from the piston, it will move but then not be able to return to its original spot, releasing the pad at the same time, and then the piston remains forced out of position agains the pad pushing on the disc.
There are also TWO pistons and seals on the rear caliper.... yo gotta do both..
when cleaning out the groove - use a smooth action with whatever tool you use - and move it in a circular motion - you will soon find out where there is some corrosion... and it must be clean before you put a new seal in.
Coat the groove, new seal and cleaned piston with brake fluid, then pop it back in - will now work properly if you have cleaned properly, and bled it properly.