Sorry folks. Went down the wrong rabbit hole

Since the sensor responds to aluminium, steel and copper and not to a finger, wood or plastic it is not of the capacitive type.
Moreover, measuring with a coil connected to a scope, a 1.23 MHz sine at the sensor surface indicates that this is an inductive (eddy current) proximity sensor.
Possibly even a hall effect sensor.With the oscillation present it draws a current of 2.6 mA. I.e the voltage output is low at 2.1 V. With conductive material present the oscillation amplitude reduces more and more until it ceases completely. Current draw is then 0.6 mA and the output voltage is high at around 3.4 V.

Next step: sifting though data sheets to find an electrically and mechanically matching two-wire inductive sensor. This is going to be the non-fun bit.
