Welcome to the world of Porsche ownership, TRP! I recommend getting an OBD reader so you can read the codes, and then clear them. The code that you got is one of the more common ones, I'm guessing. I have gotten that code before, and would just clear the code with the OBD reader (which I got for less than $30 IIRC). Eventually I just replaced both O2 sensors.
Get the Bosch part, it's the same sensor, but you'll have to use a wiring adaptor which is very easy to do. It's worth saving the $$ over the Porsche part.
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