A blood oxygenation sensor is provided comprising: a first current-powered light source to produce light having a first wavelength; a second current-powered light source to produce light having a second wavelength; a light sensor to produce a current signal having a magnitude that is indicative of intensity of light incident upon it; a current level driver circuit that includes a current source configured to couple the current source to alternatively provide current to one of the first current-powered light source and the second light current-powered light source; a processor configured to predict times of occurrence of one or more first time intervals in which arterial volume at a tissue site is at one of a maximum and a minimum; wherein the processor is configured to control the current source, to provide a first pattern of higher power-dissipation current pulses to the first and second current-powered light sources during the first time intervals, and to provide a second pattern of lower power-dissipation current pulses to at least one of the first and second current-powered light sources during second time intervals.