1998 F150 V6 found that chirping and squealing noise was coming from the Camshaft Position Sensor Assembly. Does this have to be fixed or can I choose to live with the noise? What could happen if I ignore it?

 

It's not actually the Cam Position Sensor making the noise, but the Camshaft Synchronizer housing/shaft.. The shaft in the synchronizer assembly runs dry and will make a bad squeal or chirping.. It will get worse in most cases, and 'possibly' could shear the roll pin on the drive gear, or worse case, could damage the gears themselves.. Both on the synchronizer and the cam.. Most times the 'annoying' factor gets them fixed first..