The sensor is an inductive proximity switch which goes from a 'high' state to a 'low' state ( effectively 'on' and 'off' ) as the ABS ring rotates....thus causing pulses.
The pulses from the front wheel are compared with the pulses from the rear wheel.
Should a wheel approach lock up under braking,the wheel rotational speed will fluctuate and so will the pulse count......front and rear will differ from normal.
The ABS circuitry will then be operated and braking will be 'released' intermittently until the 'count' is normalised.
Put very simplistically.