Check Engine Code 1221-->Replace O2 Sensor?

[Eric Fraser]

Am I right in assuming that Code 1221 pretty much means replace O2 sensor? After I put in a new sensor, how do I turn off the Check Engine light?

The Bentley manual (100-8) says:

...When all fault codes have been displayed, there will be a 0.5 second flash and then the light will remain off.
...

To erase the fault code memory, first make sure the fault code 1000 (....) is present, then depress the throttle fully for at least ten seconds.

http://www.bmwe34.net/e34main/trouble/engine_codes.htm says the same.

I'm just not getting a Code 1000. Instead Code 1221 keeps cycling indefinitely. What am I doing wrong? Is there an updated procedure for the 95s? I guess I could always disconnect the battery, but that's a pain.

Thanks.