The O2 sensor is a Voltage Source

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Operation of the probe
Zirconia sensor
The zirconium dioxide, or zirconia, lambda sensor is based on a solid-state electrochemical fuel cell called the Nernst cell. Its two electrodes provide an output voltage corresponding to the quantity of oxygen in the exhaust relative to that in the atmosphere.

An output voltage of 0.2 V (200 mV) DC represents a "lean mixture" of fuel and oxygen, where the amount of oxygen entering the cylinder is sufficient to fully oxidize the carbon monoxide (CO), produced in burning the air and fuel, into carbon dioxide (CO2). An output voltage of 0.8 V (800 mV) DC represents a "rich mixture", one which is high in unburned fuel and low in remaining oxygen. The ideal setpoint is approximately 0.45 V (450 mV) DC. This is where the quantities of air and fuel are in the optimum ratio, which is ~0.5% lean of the stoichiometric point, such that the exhaust output contains minimal carbon monoxide.

The O2 sensor is to be tested out-of-circuit. Connect voltmeter to the lead from the sensor and to ground (or the ground wire of the sensor).