Purchased 2008 v-10 Ford class A with 30,000 miles. Dealership replaced oxygen sensor before delivery. 800 miles later, check engine light is back on. Diagnostics determined another oxygen sensor fail...
Perhaps it is doing what it is supposed to do...tell you when your air to fuel mixture is bad and polluting the air.
I too had O2 sensor Check Engine Light problems and replacing the O2 sensor didn't cure the problem. Cleaning the MAF (Mass Airflow Sensor) corrected the problem.
So I'd suggest a $10 can of MAF cleaner might help you out.