Helps if one speaks German
M = Masse = Ground
G = Geber = Sender (varies resistance with oil pressure between 0 and 10 bar)
WK = Warnkontakt = Alarm Contact (closes if pressure drops below 0.8 ±0.15 bar)
As usual with Volvo engines, the simple instrument panel without the pressure gauge will only have a lamp+alarm wired between M and WK. The fancy instrument panel will also have a gauge between M and G.
Oh, and if you need a new one, these are extremely common car parts. Don't pay the Volvo tax!