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Oxygen sensors usually ground through the exhaust manifold's metal, like spark plugs do. If you have two wires, probably you have a heated plug (so it works when engine is cold).
I'm not 100% sure, but I think the one that is for the heating element coming from the wiring harness will put out 12v+ when the engine is cold. The signal wire coming from the oxygen sensor should put out 0.5-1v+ when the engine is revved, assuming the sensor is not faulty. Some experimenting with a multimeter should shed some light on what's what.
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