From the manual:
If the Bank 2 HO2S 2 signal voltage remains between 400 mV and 500 mV for an extended period of time, DTC P0160 will be set.
Heated Oxygen sensors are used to minimize the amount of time required for “closed loop” fuel control operation and allow accurate catalyst monitoring. The oxygen sensor heater greatly decreases the amount of time required for fuel control sensors Bank 1 HO2S 1 and Bank
2 HO2S 1 to become active. Oxygen sensor heaters are required by post-catalyst monitor sensors to maintain a sufficiently high temperature for accurate exhaust oxygen content readings further from the engine.
Basically, your new sensor is either bad, or you have a faulty electrical connection to it.
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VX Status: Running Great! Build is coming along nicely...