Same problem 1997 Challenger 787. 2 wire sensor (Blk/Yellow, Blk/Red wires).
I have a Fluke 23 multimeter (very accurate) and made some measurements on this sensor.
Resistance (Ohms) = 16.5 M (either polarity)
Vdc when spinning = 0.001 Volts (either polarity)
Vac when spinning = 0.001 Volts (polarity doesn't matter in AC measurement)
Conductivity (diode tester) = 1.508 V (Red + probe on Blk/Yellow wire)
Conductivity (diode tester) = OL (non-conductive) (Red + probe on Blk/Red wire)
I have no schematic, but it appears this sensor is a simple DC Generator Circuit (anyone have specs or know different?)
The little paddle wheel has North and South polarized magnets in each paddle (you can test with a simple magnet). As the wheel spins, the magnets pass in front of a wound wire coil (the 3 wire sensors probably use a Hall Effect Transistor). This is a simple AC generator (
http://en.wikipedia.org/wiki/Alternator), the moving magnetic field creates AC voltage in the coil, which is sent to a rectifier (probably a silicon bridge from the 1.508 Vdc conductivity measured).
It appears the rectifier is still good in my sensor, but perhaps the coil or some other component is not. As usual, the electronics are POTTED (buried in black epoxy) so servicing involves digging the potting out with an Exacto knife. Oh Joy!