All sheep need to eat fodder daily, but an adult can be let out to graze on grass instead. A healthy sheep can be both sheared and milked once every 4 days, even if it's outside. The quality of the Sheep milk and wool will depend on the sheeps affection with you and it's health.
To raise it's affection a sheep may be brushed and pet daily.
It takes 7 days for a pregnant sheep to give birth and another 15 days for a lamb to mature into an adult.
A healthy sheep may produce both Wool and Milk every 4 days and the quality depends on the sheeps affection towards you and it's overall health.