Can someone tell me what the sensor circle in red is called and the correct wiring for it? I need to replace the connector. Thank you!

 

I think that is one of the VVT cam sensors

From here.... https://toyota-club.net/files/faq/16..._vvt_3_eng.htm




Most of the search results for this end up showing a VVT solenoid, instead of the sensor. They are not the same.
Even some of the sites selling a VVT solenoid incorrectly describe the solenoid part as a sensor.

With cam shaft sensor, crank shaft sensor, and VVT solenoid all getting confabulated on the web, no wonder you can't identify the part.