Assuming that they are an IR LED emitter and photo-transistor, you just put a suitable resistor in series with the LED and power it from 5V or 3.3V, and connect a resistor (2k2, say) between the collector of the photo-transistor and 3.3V, and connect the collector to an input pin on the Propeller. If you get noisy transitions, use a 74HC14 Schmitt trigger to clean the signal up, or do it in software.
Leon
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Amateur radio callsign: G1HSM
Suzuki SV1000S motorcycle
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Leon
▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔
Amateur radio callsign: G1HSM
Suzuki SV1000S motorcycle