Zerofreeze knows his stuff. Anyone who knows what a VR (Variable Reluctance) sensor is probably does.
The upper sensor detects the one peg on the exhaust cam sprocket. It is used for cylinder identification (the computer uses it to determine the phasing of the cylinders...when cylinder 1 is TDC for an intake stroke, and when it is TDC for a power stroke...I am guessing about cylinder 1 BTW).
The lower one is for crank position, and AFAIK for computing RPM (I do not believe the cam one is used for that). It is a 60-2 tooth wheel (has 58 teeth, and a 2-tooth-wide blank spot). The teeth are used for ignition advance computations (60 teeth gives a spark resolution of 6 degrees). I BELIEVE the second blank spot is aligned with the sensor when cylinder one is 60deg BTDC.
Aah, the joys of learning about this (frustrating) junk from my MegaSquirt days.....