What does your exaust look like? Do you have rough idle? Poor acelleration? What it is doing?
If you have never replaced the o2, you might want to go ahead and do it anyway since it is part of routine maitnance. It that doesn't work I would check the MAP or the Air charge Temp Sensor (screws in the intake manifold). All three of these sensors will measure the air/fuel mixture. I would trust the computer, change the o2, and then run another diagnostic. I had a '94 ZJ with o2 code and it ended up being the o2 and the air charge (regulates air intake temp).