Mine has two "stacked" knobs. For each nob, the inner one is the volume, and the outer one is the tone. The knob closest to the bridge controls the bridge pickup, and the knob closest to the neck controls the neck pickup.
One confusing thing is that if both pickups are turned up, the cutting the tone on either of the pickups will cut the highs, affecting overall tone.
Pedulla Club #136, VM Jaguar Club