That is pins on the harness, with sensor disconnected? Both are 2.5VDC relative to ground? What about voltage between the two?
Regardless, it could well be normal. If it can be done easily, remove those wires from the harness at the PCM end and make the same readings at the PCM connector. You will have to remove the wires so that you can re-connect the harness to the PCM to power it up, while having those two PCM pins be open from the harness.
I would disconnect the harness from the sensor and install two long temporary leads so you can read AC voltage from the sensor as you drive along. It should be well above 1 VAC once the truck is moving more than a few mph. If you can remove those wires from the PCM connector, then you can use those as the "long temporary leads". If you get a good AC reading from the harness at the PCM end (leads disconnected from PCM) then great. If you don't get a good reading you will have to revert to the long temp leads to tell if the problem is the sensor or the harness wiring.
Do you know what kind of toothed wheel/gear that sensor is seeing in the trans; know what the sensor "nose" is pointing at?
Don't recall the vehicle, long time ago, a two wire sensor screwed into the side of the transmission. checked it with a depth gauge, wasn't screwed in far enough but was a permanent magnet with a coil wrapped around it.
Got the thread size, used a die for a couple of more turns, screwed it in and everything worked after that. Did have a lock nut on it. At times run into the darndest problems.