07 Dodge Ram 1500 4.7L Flex Fuel Cam Sensor Intermittent P0344

Bought this truck and it was running with a code for misfire on cyl 8. Turned out to be a dropped valve seat. Replaced engine and vehicle wouldn't do anything when I turned the key (security light on) .. Had a new key programmed and would crank but not start. Checked codes and there was a code for a discrepancy between VIN numbers. Took it to the Dodge dealership and they diagnosed a loose connector at the firewall. Now truck starts and runs but it is showing a P0344 cam sensor intermittent code. Checked voltages with multimeter and have 5V ref and 5v signal. Checked ground for resistance and checked good. Passed metal in front of sensor and signal dropped out as expected. Bought a scope and connected it and I am getting a voltage spike in the ref and signal (varies from 6v to 12v). See attached screen shots.

I can't say for certain but, my guess is that the voltage spikes that you are seeing is Secondary Ignition. Secondary Ignition strikes (firing spark plugs)  blast the engine block with up to 40,000 volts. This can be seen in most labscope captures.  Over time you will learn to ignore these.

To find out, for sure, use a scope channel to watch secondary ignition, while another channel is watching the cam signal. Do the spikes sync with the ignition strikes?