Speed sensor melting
 

So here's a new one on me.

Getting an intermittent code 6 after heavy acceleration. Speedo seems to work fine, but the cruise control doesn't. After dumping codes the CEL goes away for a bit. After a quick peek under the car, the speed sensor is melting. The middle of the back of the sensor is oozing its guts out.

Has anyone seen this before? I'm assuming a bad bearing is causing it to overheat and melt, but hoping for a cheaper/easier fix than replacing the entire sensor.