That sounds like a failing turbo. Oil should not make it to the O2 sensor and be able to bubble out like that without serious issues with the turbo seals. I would triple check that it's not something else dripping into that area, the bubbling may make you think it's from the O2 sensor when that may just be a side effect of the oil dripping into a hot area.
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Current mods
Rockford Fosgate P3 // JBL MS-A5001 // MiniDSP
Ultra Racing Strut Brace // AFe Pro Dry S // PS2 // Custom Inlet // DV+ // FTP Boost Pipes // VRSF Race IC // VRSF Downpipe // ECUTek Protune @ 5280'
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