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It is the passenger side sensor that is after the cat. converter. It is usually a sign that the cat. is failing.
I would reset the computer and see if it comes back on.
Jimmy
That can be difficult if it isn't rattling and falling apart internally.
You could try taking it to a shop that has an exhaust gas anylizer and have them check the exhaust output to see if it is above specs. If not, then I would try switching the two rear O2 sensons from side to side and see if the trouble code changes to bank 2. If so, then I would replace the bad O2 sensor.
Jimmy
lxman1, I switched the O2 sensors from one side to the other and it did indeed spit out the code for the opposite bank. Replaced the sensor and problem solved.