First off, the code only tells you where the problem is. You have to find why it was set. I've got a top of the line reader that does testing in real time but even it only tells you where to look.
If your truck is less than 75,000 miles, there is a federal warranty on the emissions system. Most likely your sensor has gone bad. However, it could be your converter, especially if this is the down stream sensor. All the code is really telling you though is the computer saw something out of specification and it set a code to record it. The light tells you to look at it.