Red: Positive 12 V
Green: Signal
Black: Ground
That's the wiring on the 85 style sensor. The 86 sensor has an integrated connector on it, and GM screwed up with the color code, so it turns out that the Green wire on the 86-87 harness is actually +12V and the gray/red is the signal wire - only for the Crank Sensor. The Cam Sensor gray/red wire is +12V.
Good old GM with too many chefs, back in the 80's.