What The Heck Is This?

this has been killing my ... while under my jeep the other day i noticed this thing on the side of my transmission (passenger side) well anyway it had 2 wires that were suppossed to be attached to it and i was wondering what it was cause one of the wires has been cut
heres pics

http://i62.photobucket.com/albums/h101/tatercakes05/transmissionbutton.jpg

http://i62.photobucket.com/albums/h101/tatercakes05/transmissionbutton2.jpg

it looks like its on the bottom of the transmission but its not its just the way i held the camera .... its on the passenger side??? so any help would be appreciated ... i'd like to know what it does

Temp sensor maybe?

it looks like its on the bottom of the transmission but its not its just the way i held the camera .... its on the passenger side??? so any help would be appreciated ... i'd like to know what it does

I'll bet you $100 you dont have any backup lights.

you know now that i think about it i really dont think i have backup lights

I don;t either but, I just don;t have n e light bulbs in... lol