After doing some more searching i found this about PWM on the ESP8266 at this site:
http://arduino.esp8266.com/versions/1.6 ... log-outputThe portion about analogWrite is as follows:
analogWrite(pin, value) enables software PWM on the given pin. PWM may be used on pins 0 to 16. Call analogWrite(pin, 0) to disable PWM on the pin. value may be in range from 0 to PWMRANGE, which is equal to 1023 by default. PWM range may be changed by calling analogWriteRange(new_range).
PWM frequency is 1kHz by default. Call analogWriteFreq(new_frequency) to change the frequency.
I also do check the voltmeter without the LED and resistor and it did go up to 3.2 VDC.