PF disc. Use 90% isopropyl and a lint free cloth. Release the pinch rollers and spin using the center hub of the PF holder spinning it in a direction that the alcohol rag spins away from the sensor and not directly into it to allow alcohol to somewhat dry on the disc before it enters the sensor area. Should work, I have had pretty good luck with this method. Sometimes it works for a while, other times only lasts a few hours to days. Depends on the issue, usually it's powdered residue on the encoder disc. If you need a new one, they are fairly inexpensive and always good to have a spare around, just like the steel belt.
EDIT, looking closer to the picture, this may be the T-Fence. The PF encoder you can feel it skipping if you feed material using the advance button.