OP, I'm sorry but I have to rant a little: you have 12-hundred plus posts and thought a CEL with a flashing cruise control light has one specific cause? Where have you been all these years? Now, with a code in hand you have a chance of actually getting somewhere. That's the "beauty" of the whole system, you get a summary light and can then find specific causes. Now I don't know if this one is a fluke, sometimes codes show up and never recur. But if it comes back there is something wrong. Cam-sensor sounds pretty serious, though. What's the mileage on the engine? if high enough, was the timing belt done, how long ago? It could be related to timing belt going or the automatic cam advance...