The problem with the original probe was probably not in the probe itself, but the wiring connecting it to the board. For some reason, the "sense" lead on the original probes seems to be particularly fragile and suffers "fatigue failure" where it gets bent back and forth at a point. This has actually been discussed several times here at Printrbottalk. If you still have the original probe, you may be able to fix it by repairing the wire.
What version of Printrboard do you have? Different versions use the probe differently.
Many probes require 12V for their power, and that is not going to be supplied by the plug for the Y axis switch.
Apparently the new probe you bought has inverted logic. If you look closely at the documentation for the probe, maybe there's an option to connect it differently and get the correct logic.
Printrbot Plus operational January 2013
Brass threaded rods (5/16" X 18) & nuts for Z axis
GT2 belts & pulleys
Cable chain to reduce probability of fatigue failure in wires
E3D V5 Hot End, 0.4mm nozzle, also 0.8 and 0.25 in use occasionally
PB fan mount + 40mm fan -- using printed mount adapter, not the E3D supplied fan
Injection molded extruder gears
Optical Z "endstop" (custom designed and built)
Have used many pounds of T-Glase filament. Now also doing some work with Ninjaflex SemiFlex
Print on glass with Scotch Craft Stick or other glue stick