With the continuous aging of the populations in developed countries, the medical requirements of the aged are expected to increase. In this paper, a ring-type pulse oximeter finger sensor and a 24-hour ambulatory heart rate monitoring system for the aged are presented. We also demonstrate the feasibility of extracting accurate heart rate variability measurements from photoelectric plethysmography signals gathered using a ring-type pulse oximeter sensor attached to the finger. We designed the heart rate sensor using a CPU with built-in ZigBee stack for simplicity and low power consumption. We also analyzed the various distorted signals caused by motion artifacts using a FFT, and designed an algorithm using a least squares estimator to calibrate the signals for better accuracy.