Turn the car off. Reset the ECU as per the article, get under and make sure all the wires are tight in the connections. Sometimes a loose wire can cause this code to come on. It did in my GSR. If the light comes back on you will need to replace the O2 sensor.
Yes my car is OBD1 and I no no Cat converter on, it was clogged or something and was reducing performance horribly, there was 4 wires that went to a thing that looked like a sensor, also i have Chikara headers but I will check all wires and stuff to make sure.
ok so i can bolt the sensor into the test pipe and it will function correctly from then on, because I don't want to install a cat on my car....better airflow. Also if I do this I will need to pull the fuse to reset the ECU right?
Make sure if you're not going to run a cat on the street that your state doesn't do emmission testing.
Because even with optimal tuning, without a functioning cat your going to fall flat on your face when running the sniffer test.
Runing 14.7 AFR will pass you for hydrocarbons but the other gases will still be present without a cat.
There are threads on this site posting dyno graphs of running a test pipe vs. a carsound cat which is a high flow cat. There were negligible gains of a test pipe over a high quality high flow cat.
So really, performance is not a good excuse to run a test pipe. The money you safe by not buying a new cat is gonna screw you later when you keep failing emmissions tests and can't get your plates renewed.