Electrical Need Help With An Electrical Wire

Your description is very vague to say the least...

Where is the wire located? Under the hood, in the passenger compartment, in the trunk, under the car?

Does it have a connector? If so, how many wires are in the same connector?

What is the wire color and stripe color?
 
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The wire is located under the hood and it is grey and red. I have attached a picture of it. It is a single wire with no connector at the end.
 

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I believe that goes down to the oil pressure sending unit. Its the round shiney thingy under the A/C compressor, right before the header on the drivers side. There should be an elbow plug connector on it that's supposed to be attached to your lost wire.
Here's a pic I found of it. "Yellow Circle"
 
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After looking at the Mustang wiring diagram I have, I agree with the two opinions above - oil pressure sender wire.

The diagram says white/red. but after years of heat, oil residue and dirt, it probably does look like gray.