what's a mustang dyno?

A Mustang Dyno puts the car under a load of some type, which reduces the actual horsepower and torque level output. A dynojet is'nt under a load, so the horsepower and torque numbers are higher. At least, this is how I've always understood it.

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Mustang
The Mustang chassis dyno uses an Inertia load as well as an eddycurrent brake load to simulate the "actual" load (combined aerodynamic plus rolling frictional load) that the vehicle would experience when in motion. Notice in the photos how the rear wheels sit between two smaller 10.7-inch diameter rollers. There has been some discussion about the tires getting "pinched" between the rollers and creating more rolling friction, but no substantial evidence of this could be found. However, Mustang has a dyno (MD-1750) with a single 50-inch diameter roller per wheel that alleviates the wheel-pinch concerns. The internals of the Mustang dyno are composed of an eddy current brake to provide a variable load and an inertial disc to provide a fixed load. Mustang claims because its dyno loads the vehicle as it would be on the road, you can perform 0-60 mph, 0-100 mph, and quarter-mile measurements on its chassis dyno. Speed Nation has obtained quarter mile times within 0.1 second of actual runs at the track. We're not sure how the launch dynamics are simulated on the Mustang dyno, which
includes weight transfer, acceleration, jerk (the derivative of acceleration - how fast the acceleration occurs) and some other variables. The Mustang dyno can also measure the air/fuel ratio while testing.

Dynojet
The Dynojet chassis dyno is referred to as an inertia-type dynamometer, because large drums provide an inertial load to the drivetrain instead of a friction brake. The working end of the Dynojet includes two 48-inch diameter drums that are mostly below the surface and driven by the vehicle's drive wheels. In the photos of the Dynojet, notice how the rear wheels are centered on the drums and there is one drum per wheel. This will become important later.
The vehicle is typically run in the transmission gear closest to 1:1 (Forth gear for manuals and Third gear for automatics) to or a variable load that maintains a preset engine rpm or vehicle speed. This feature is ideal for forcing the vehicle to operate at certain loads for tuning. The Dynojet can also measure air/fuel ratio while testing.