I have a '04 RR with over 125k miles. Looking for some guidance on the following problem.

1. Engine has been making a quiet ticking sound but running fine for several months.

2. SES light comes on, but engine is running fine for a few weeks after light comes on.

3. SES starts flashing and engine is now making a significantly louder clicking/ticking sound.

4. I had the codes pulled and got a camshaft sensor fault and continuous knock fault.

I've read the forums regarding the camshaft sensor and it sounds like in most cases it's not the sensor that is the problem. Looking for next steps in diagnosing the problem. I was able to pull the sensor this morning and found it had a lot of gunk collected on it. Cleaned it and replaced, but problem is still there. Suggestions on what to do from here? Thanks!