Hi:
the O2 sensor could have a role in this, but I don't think it's doing it by itself. If it is reading lean, it may tell the computer to richen the fuel, which could cause a variation in RPM's, but there is something else (I believe) causing it to rev for you. You may want to have the Mass Air Flow (MAF) sensor tested as well and the Throttle position sensor (TPS) and Idle Air Control (IAC) tested. I would think that the computer would have stored a code for them, but maybe they didn't. Finally, it does seem as though the O2 sensor is bad. You should replace it. You can do it yourself (not too hard) just to see if that changes the problem.
Let me know what you find.
Joe
Sunday, March 1st, 2009 AT 2:14 PM