Hello,
Use the app note AN3937 MC9S12P Family Demo Lab Software. There are example projects for Low Power Modes and System Clocks which are helpful for your case.
http://cache.freescale.com/files/microcontrollers/doc/app_note/AN3937.pdf
http://cache.freescale.com/files/microcontrollers/doc/app_note/AN3937SW.zip
It seems like you didn't configure the system clock so it was not initialized. I recommend to test it on Internal Clock firstly. This is so called PEI mode:
/* initialise the system clock PEI - 50MHz VCO, 12.5MHz Bus CLK, from 1MHz Internal Clock */
CPMUPROT = 0x26; /* Clear PROT bit, disable protection of clock configuration registers */
CPMUSYNR = 0x58; /* SYNDIV = 31, VCO frequency 48 - 64 MHz */
CPMUPOSTDIV = 0x01; /* POSTDIV = 1 */
CPMUCLKS = 0x80; /* PLLSEL = 1 */
while (CPMUCLKS != 0x80); /* Verify CPMUCLKS configuration */
CPMUPROT = 0x01; /* Set PROT bit, enable protection of clock configuration registers */
while(!CPMUFLG_LOCK); /* wait for PLL to lock */
Also, i've attached an example code of STOP mode written for S12XET256 target MCU. This is for a reference only to see how it is done.
Regards,
Ivan