http://business.baylor.edu/Richard_Easley/autofaqs/o2sensor.htm
Introduction

Using Generic O2 Sensors: a long-term fix. The $37 Bosch O2 sensor for the 1990 Ford Mustang 302 is available at many auto parts houses. It's applicable to many MB models as well as other marques, requiring only a connector change to be a direct replacement. After going this route once, I got to thinking about the wisdom of having to rewire these buggers when replacing every 60k miles or so. Hence an idea that worked for me the next time around: a permanent fix that makes future replacements a 5 minute snap!
Typical Parts Cost
1. O2 Sensor (from Mercedes-Benz dealers: ~$150.00) or
2. O2 Sensor (Bosch -- and equivalent to OE -- at independent parts houses: $37.00, for a 1990 Mustang 302).
3. Mating Connector (from a Ford dealer – part number AUVC927082, cost me $9.06 – for a 1990 Mustang 302)
Instructions
1. Buy the Bosch O2 sensor at AutoZone or your favorite emporium for $37 or so.
2. Do not cut the leads. At the local Ford dealer, buy the mating connector for the Bosch sensor.
3. If you use the '90 Mustang 302 sensor, the connector is p/n AUVC927082. It has a weatherproof connector with O-ring seals. I paid $9.06 for mine, and the dealer got it the same day I ordered it.
4. Make a diagram of the original MB sensor's leads, then cut them close to the sensor.
5. Discard the old sensor.
6. Make a diagram of the new Bosch sensor and the new Ford connector's leads.
7. Slip heat shrink tubing over the leads of the Ford connector, then solder each wire to its mate on the connector you removed from the MB sensor.
8. Heat shrink the tubing until snug on the solder joints. (Doesn't have to be weather tight).
9. Install the wiring harness so that the new Ford weather tight connector is outside, near the O2 sensor's installed position, and the solder joints are inside the car. Plug the original end of the harness into the car's original connectors in the passenger foot well.
10. Screw the new generic O2 sensor into the exhaust line, then snap its connector into the Ford connector.
11. You have now completed the repair and modification unless your diagnostic unit needs to be reset before the Check Engine light will go off.

Discussion

You now have a pigtail that goes permanently* between the generic Bosch O2 sensor and the MB connector inside the car. To replace with another generic sensor, just unplug the weather-tight Ford connector under the car and unscrew the old sensor, screw in the new sensor and plug it right in. You may not even have to jack up the car to do this.

*Should you or a future owner ever want to use the expensive OEM sensor, just unplug and remove your homemade pigtail and the OEM connectors snap right in place.

You now have the best of both worlds, and you only have to do the figuring-out and the soldering once.
Finally
Please let me know if you complete this procedure successfully; it took a while to type this, and I'd appreciate knowing when each person has completed the repair! Please e-mail me at richard_easley@baylor.edu