94 ford t-bird O2 sensor location

Bank 1 sensor #2 is on the right side after the catalytic converter. What leads you to think it has failed? The downstream O2 sensors are catalyst efficiency monitors and rarely fail. When they do fail, it's usually the heater circuit. If you have a code other than P0141, most times the sensor is ok and the catalyst is starting to fail. You can verify this by switching the downstream sensors from side to side. If a fault then sets for Bank 2, the sensor has indeed failed. If a fault sets again for bank one, it's probably the converter.