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What year, engine size and model is your Jeep?
Is it running normally even though the check engine light is on?
To reset the light on this you will either need to hit up a parts store with a code reader or disconnect the battery for at least an hour, but probably overnight. There isn't any method of flashing codes or clearing them on these anymore with the key.
Most of the parts stores will do this at no charge for you and you might as well get the codes before clearing them. If it's running normally then it's likely an emissions issue or as you said,possibly an O2 sensor fault.
You can still drive it with the light on also if it's running fine without a chance of damaging it. Of course, if you do get the codes, post them here with me and I can likely help you out.
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