The invention provides novel compositions and methods for the detection of a target molecule. Specifically, the invention provides a bimolecular beacon composition comprising two nucleic acid molecules, and methods thereof. One of the nucleic acid molecule is operably linked to a reporter detectable label and the other nucleic acid molecule is operably linked to a reference detectable label and a quencher. In some embodiments, at least one of the nucleic acid molecules comprises a single stranded overhang.
