Hopefully it's just a bad connection. I would remove the connector, apply dielectric grease and reinstall the connector.
It isn't great to run it with a bad O2 sensor, the O2 sensor measures the oxygen levels in the exhaust and adjusts the fuel ratio accordingly. If this sensor isn't providing accurate data you are likely going to run too rich or lean. It isn't the end of the world if you have to run it a little bit, but I wouldn't run it for a long period of time until you get it fixed.
Hopefully it's still under warranty as it looks like in the US the O2 sensor is $180.