This fault is for the upstream O2 sensor in the front exhaust manifold. It could be a loose or intermitent connection, but it's very likely a dying sensor. This one is fairly easy to reach from the top. A new O2 sensor is like $60 at your local parts store and should come with the connector so all you have to do is unbolt the old one, screw in the new one, and swap plugs. You can remove this one with just a wrench, iirc.
The jerking could be a couple of things, but a clean fuel and air filter would be things to check along with the spark plugs.
Fuel filter is $10 and can be changed with just a scewdriver or 8mm nutdriver. (It under the car just in front of the PS rear wheel well)
