A miniaturized instrument and method of using electron spin resonance spectrometry for measuring the degradation of lubricating fluids, and the like, that includes continuously passing a sample of such fluid through a resonating RF microwave cavity resonator during the application therethrough of a uniform slowly varying uniform magnetic field that is rapidly modulated and measuring the resulting phase modulation or amplitude modulation thereof to derive an electron spin resonance signal that directly senses the molecular changes in the fluid sample resulting from fluid degradation during operation of the vehicle, such as peroxy radicals in vehicle engine oil and the like.