Noise from engine
 

I'm having this chic chic chic chic noise coming from a sensor that is located about 1100 position, all the way in the back with a connector with 3 wires. I'm not to familiar with the ford Rangers so I would really appreciate if somebody could help me out. It does fluctuate with engine speed.

Picture
 

Here is the picture

That is the Cam Position Sensor(CPS), black cover with 2 screws, and it sits on the syncronizer, you should change both if there is a noise.
Recommended replacement time is 100k miles.
But you can remove the CPS and see if it has disintegrated inside, not uncommon issue, if so just replace that and see if noise is gone.
Syncronizer going out will cause a squealing noise vs clicking noise, as bearing/bushing is failing.

Good diagram in the #4 post here: 1998 explorer 4.0 ohv cam sensor alignment - Ford Explorer and Ranger Forums "Serious Explorations"®

In diagram CPS is called CMP

The syncronizer is similar to a distributor setup, it is driven by the cam shaft gear and it also drives the oil pump, so if syncronizer fails you lose oil pressure instantly, not a good thing at highway speeds.

CPS sits on top of syncronizer.

Replacing syncronizer does require you to match the crank and cam timing, so read up on it BEFORE starting, replacing just the CPS is easier.

Thanks for the response, is this problem something that should be replaced asap? And if I replace the cps should I go ahead and replace the synchronizer?

If you thoroughly read RonD's reply, you will find the answer to both questions.

Yes ^^^

And yes you need to deal with at least removing the CPS(top part) as soon as practical, only because if it is broken then there is a chance it could seize up the syncronizer, not likely but not 0% chance either.........and than means no oil pump, which could mean new engine.
So big enough down side to spend a little time looking at it.