What P0501 usually means
P0501 is not a total loss of road-speed data. It means the module still sees a speed signal, but the signal no longer matches expected reality. The speed may jump, lag, read too low, read too high, or disagree with engine speed, wheel speed, or commanded shift logic. That makes P0501 valuable because it often catches the in-between cases where people blame a hard transmission fault even though the control module is really reacting to bad speed math.