The two sensors are out-of-sync. First check the timing belt. If it jumps one tooth, the Check Engine light will turn on. If it jumps two teeth, the Engine Computer will shut the engine down to protect it. If it jumps three teeth, the open valves will be hit by the coasting pistons and be bent.
If the timing looks right, suspect a sheared-off key between the camshaft and sprocket. That lets the sprocket turn a little and makes the valve timing late just as if the belt had jumped.
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Monday, March 12th, 2012 AT 11:32 PM