We study the polarization signals and physical parameters of penumbral microjets (PMJs) by using high spatial resolution data taken in the Fe I 630 nm pair, Ca II 854.2 nm, and Ca II K lines with the CRISP and CHROMIS instruments at the Swedish 1 m Solar Telescope. We infer their physical parameters, such as physical observables in the photosphere and chromospheric velocity diagnostics, by different methods, including inversions of the observed Stokes profiles with the STiC code. PMJs harbor overall brighter Ca II K line profiles and conspicuous polarization signals in Ca II 854.2 nm, specifically in circular polarization that often shows multiple lobes mainly due to the shape of Stokes I They usually overlap photospheric regions with a sheared magnetic field configuration, suggesting that magnetic reconnections could play an important role in the origin of PMJs. The discrepancy between their low LOS velocities and the high apparent speeds reported on earlier, as well as the existence of different vertical velocity gradients in the chromosphere, indicate that PMJs might not be entirely related to mass motions. Instead, PMJs could be due to perturbation fronts induced by magnetic reconnections occurring in the deep photosphere that propagate through the chromosphere. This reconnection may be associated with current heating that produces temperature enhancements from the temperature minimum region. Furthermore, enhanced collisions with electrons could also increase the coupling to the local conditions at higher layers during the PMJ phase, giving a possible explanation for the enhanced emission in the overall Ca II K profiles emerging from these transients.