Error Code P0016
 

I have a 2004 Volvo S80 and replaced the timing belt, water pump, idler, tensioner and serpentine belt. I ran the car for about 400-500 miles with no issues. I took it in for an oil change and immediately after the oil change the Check Engine light came on and subsequent OBD diagnostics revealed code P0016. PepBoys tells me it could be: 1) The crank sensor may either be faulty or have gotten some debris on it that's causing it to fail. Either way it will probably need to be changed or cleaned. OR 2) The timing may be off on the belt and have to be adjusted.

Either way, I'm not sure how to proceed. I'd appreciate some insight or direction.