Interesting information I found here....
Looked it up in my FSM for the 2003 KJ (should be the same for yours) and heres what I found.
3.7L V-6 Engine:
On this emissions package, 4
sensors are used: 2 upstream (referred to as 1/1 and
2/1) and 2 downstream (referred to as 1/2 and 2/2).
With this emission package, the right upstream sensor
(2/1) is located in the right exhaust downpipe just
before the mini-catalytic convertor. The left upstream
sensor (1/1) is located in the left exhaust downpipe
just before the mini-catalytic convertor. The right
downstream sensor (2/2) is located in the right
exhaust downpipe just after the mini-catalytic convertor,
and before the main catalytic convertor. The
left downstream sensor (1/2) is located in the left
exhaust downpipe just after the mini-catalytic convertor,
and before the main catalytic convertor.
Oxygen Sensor Heater Relay - 3.7L Engine:
On the 3.7L engine, 4 heated oxygen sensors are used. A
separate oxygen sensor relay is used to supply voltage
to the sensors heating elements for only the 1/2
and 2/2 downstream sensors. Voltage for the other 2
sensor heating elements is supplied directly from the
Powertrain Control Module (PCM) through a Pulse
Width Module (PWM) method.
Upstream Sensors - 3.7L Engine:
Two upstream sensors are used (1/1 and 2/1). The 1/1 sensor is the
first sensor to receive exhaust gases from the #1 cylinder.
They provide an input voltage to the PCM. The
input tells the PCM the oxygen content of the
exhaust gas. The PCM uses this information to fine
tune fuel delivery to maintain the correct oxygen content
at the downstream oxygen sensors. The PCM
will change the air/fuel ratio until the upstream sensors
input a voltage that the PCM has determined
will make the downstream sensors output (oxygen
content) correct.
The upstream oxygen sensors also provide an input
to determine mini-catalyst efficiency. Main catalytic
convertor efficiency is not calculated with this package.
Downstream Sensors - 3.7L Engine:
Two downstream sensors are used (1/2 and 2/2). The downstream
sensors are used to determine the correct airfuel
ratio. As the oxygen content changes at the
downstream sensor, the PCM calculates how much
air-fuel ratio change is required.
The PCM then looks at the upstream oxygen sensor voltage, and changes
fuel delivery until the upstream sensor voltage
changes enough to correct the downstream sensor
voltage (oxygen content).
The downstream oxygen sensors also provide an
input to determine mini-catalyst efficiency. Main catalytic
convertor efficiency is not calculated with this
package.
Engines equipped with either a downstream sensor(
s), or a post-catalytic sensor, will monitor catalytic
convertor efficiency. If efficiency is below emission
standards, the Malfunction Indicator Lamp (MIL) will
be illuminated and a Diagnostic Trouble Code (DTC)
will be set. Refer to Monitored Systems in Emission
Control Systems for additional information.
So, you're throwing a code of bank 1 sensor 2. According to the FSM, and if i'm understanding it correctly, that would be the sensor that is listed as (1/2), which is located on the
drivers side of the engine block and
also are used to determine the air to fuel ratio and are VERY IMPORTANT
Here's an illustration for you if you feel like removing them yourself:
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