A medical device for monitoring of oxygen saturation includes an optical sensor adapted for positioning adjacent to a tissue volume. The optical sensor has a light emitting portion capable of emitting light at a plurality of wavelengths and a light detecting portion capable of generating an electrical output signal corresponding to light incident on the detecting portion. A control module coupled to the optical sensor controls the light emitted by the light emitting portion. A monitoring module receives the output signal from the light detecting portion and computes a volume-independent measure of oxygen saturation in the volume of tissue using the output signal.