Exhaust cam timing is fixed, but it can vary the inlet cam timing using the tensioner.
Surprised the light isn't on actually. Its simple enough to change the sensors though and they're not expensive. G40 I think is the right hand bank (check though!). You can get to it by removing the air intake pipe between the filter box and throttle body.
Edit - mixing up sides
G40 is on the
front of the right hand bank. Easy enough to get to if you remove the top bit of the timing belt cover
Number is 058905161B, used on loads of stuff.