Check engine light on?

It's the same thing. It senses the crankshaft position, sends 2 signals to the computer, one for base timing/rpm and the other for the proper firing sequence of the igniion coils. I can't find anything on how to test it. I would be pretty sure that it's bad with the code you got. It could be the wiring also. Inspect the wiring from the sensor, there is a grey, dark blue, red/green stripe, and black/orange stripe, 4 wires going to it. Also check/inspect the wiring going to the coil pack. You may want to test the coil pack also, by checking the primary resistance and secondary resistance according to the book. It's easy to check. The Haynes book I have for your truck is "Ford Ranger and Bronco II", 1983 thru 1992. The removal and installation is on page 5-5. To test the ignition coil is on the preceding page. The sensor is located under the timing belt OUTER cover according to the book. If you have a different book for some reason, send me a private message with your e-mail address and I can scan the pages and e-mail them to you.

Are you sure you installed the wires correctly on the large electrical connector. Also, did you get a CPS positioner tool, to line up the new sensor. I think a Ford dealer is the only place you could get one. If you don't use the positioner tool, the CPS won't be lined up right.