Sensor for quantifying production fluid percentage content

A method for operating a well system, comprising:

• accessing a wellbore extending through one or more subterranean formations, the wellbore having a downhole tool located therein, the downhole tool including:
• a tubular positioned within the wellbore, the tubular providing one or more production fluid flow paths for a production fluid having an unknown composition, the tubular designed to reduce a flow rate of the production fluid low enough that the production fluid would separate into its components in the tubular;
• one or more float chambers located within the tubular;
• two or more floats located within the one or more float chambers, a first of the two or more floats having a first density (ρ1) between a density of gas (ρg) and a density of oil (ρo), and a second of the two or more floats having a second density (ρ2) between the density of oil (ρo) and a density of water (ρw), wherein the first density (ρ1) ranges from 0.2 specific gravity (sg) to 0.7 specific gravity (sg), and the second density (ρ2) ranges from 0.85 specific gravity (sg) to 0.98 specific gravity (sg);
• and
• two or more non-contact proximity sensors radially positioned about an outer surface of the tubular, the two or more non-contact proximity sensors configured to sense a radial location of the two or more floats;
• and
• calculating an approximation for a gas:oil ratio and an oil:water ratio of the production fluid having the unknown composition using electronics coupled to the two or more sensors and the sensed radial location of the two or more floats.