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I had that code in my wife's 98 Camry 5sfe engine. It's actually p136. Bank 1 sensor 2 is the rear O2 sensor, the one underneath the car in the exhaust system. I replaced my wife's and the light went out. You will need an O2 sensor socket for this or a large 22MM or 7/8 open end wrench. The electrical connector is underneath the driver's seat in the floor heating duct for the rear seat passengers. Once you disconnect the electrical connector, tie a long piece of twine or flexible wire to it. Then pull it out from under the car. Now tie the new electrical connector to the string and pull it back inside the car. If you don't do it this way, it will be a real PITA to get the connector back to where it belongs.
Incidently, the new O2 sensor runs about $135 at the dealer. You could opt for a generic aftermarket one for which you will have to reuse the connector and splice 4 wires on to the new one. It will save you some dollars. I stayed with OEM since it was almost Winter when my wife's went bad and I was trying to make this job as quick and as painless as possible. After replacing the sensor the light should go off within a few miles of driving (mine did) but you still have to have the code erased from the ECU's memory.
Good luck.
Mike
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