Check it out with a voltmeter or dump the codes...
Look for code 24 or 54.
Code 54 – ACT sensor out of range. Broken or damaged wiring, bad ACT sensor. Note that that if the outside air temp is below 50 degrees F that the test for the ACT can be in error.
Check the resistance of the black/white wire to battery ground. If it is less than 2 ohms, it is good. If it is more than 2 ohms, the black/white wire has bad connections or a broken wire. Always take resistance measurements with the circuit powered off.
Then check the resistance of the ACT sender located in the #5 intake runner on most 5.0 stangs.
ACT & ECT test data:
The ACT & ECT have the same thermistor, so the table values are the same
Pin 7 on the computer - ECT signal in. at 176 degrees F it should be .80 volts
Pin 25 on the computer - ACT signal in. at 50 degrees F it should be 3.5 volts. It is a good number if the ACT is mounted in the inlet airbox. If it is mounted in the lower intake manifold, the voltage readings will be lower because of the heat transfer. Here's the table :
68 degrees F = 3.02 v
86 degrees F = 2.62 v
104 degrees F = 2.16 v
122 degrees F = 1.72 v
140 degrees F = 1.35 v
158 degrees F = 1.04 v
176 degrees F = .80 v
194 degrees F = .61
Ohms measures at the computer with the computer disconnected, or at the sensor with the sensor disconnected.
50 degrees F = 58.75 K ohms
68 degrees F = 37.30 K ohms
86 degrees F = 27.27 K ohms
104 degrees F = 16.15 K ohms
122 degrees F = 10.97 K ohms
140 degrees F = 7.60 K ohms
158 degrees F = 5.37 K ohms
176 degrees F = 3.84 K ohms
194 degrees F = 2.80 K ohms