Just install the magnet on one of the sprocket bolt heads (or use a magnetic bolt, which you can find online 6mm, 1.0 threads). Depending upon which bike you have (the picture is of a 550) you may need to either fashion a mounting plate for the pickup, or you can install it on a part existing under your shift cover.
The ratio for the speedo is remarkably close to the rear sprocket when you look at provided ratios for tire sizes. I paced my bike with a car using Cruise Control, put the gauge in CONFIG mode, and dialed the RPM by hand until it matched at 20, 30, 40, 50 and finally 60MPH. Pretty easy and dead accurate.
Whenever I re-wire a bike with MotoG gauges, I always break out the OIL and NEU wires from the stator harness anyway. These get run inside a small piece of sleeving directly to the gauge since they're truly GROUND signals for indication. The Tiny has a supplied plug harness, and I just run new, smaller gauge wires to it from the bike side since these wires are really conducting low voltage and very low amp signals. This makes it much easier to crimp them into the supplied plugs. And I locate that harness plug under the tank area, well beyond the neck and use rivet nuts in the backbone for proper GROUND terminals. Easy.
I don't know if this picture helps, but its the only other one I have presently: