No, i'm pretty sure Robin is right it is a hall effect sensor. I don't think you'll see any pulses on a multimeter but you should be able to measure its resistance which should be measurable on the multimeter. I'm sure i've seen a reference to its expected value in one of my manuals but can't rememeber where?
If I can easily find the connector under my dashboard (
) i'll try and measure mine, but i'm sure open circuit suggests it is kapputen.
I'd keep an eye on ebay as i'm sure somebody will have a spare ?