Rotating the one tire and then counting the rotation of the pinion will work but there are a couple of things to check. They deal with whether you have an open differential or a Limited Slip Differential. Here is a link to a website that can help:
http://www.jedi.com/obiwan/jeep/misc/gearratio.htmland I will copy some of his words of wisdom here:
So, assuming you've got an axle up in the air with the driveshaft disconnected & neither wheel on the ground:
If you turn one tire & the other one either stays still while the pinion rotates, or the other one rotates backward while the pinion stays still, or something in between, then you've got an open diff or a very weak LSD (like a Trac-Lok with too many miles on it). In this case, you need to secure one wheel (perhaps by lowering the tire onto the ground), then you can figure your gear ratio by rotating the airborne tire TWO full rotations and counting the number of times the pinion rotates. 3.73 turns means 3.73 gears. If you only rotate the tire once, then 1.865 turns means 3.73 gears.
If you turn one tire & the other one turns the same number of turns in the same direction, then you've got a good LSD or locker. In this case, you can just rotate the tires ONE full rotation and figure your gear ratio by counting the number of times your pinion rotates. 3.73 turns means 3.73 gears.
Good Luck Bryan!
Fred