Oxygen content code on ECU

Okay I take it that since my car has bad rings that the oil that is being burned kills the o2 sensor? Considering that I put a new one in it about 3 months ago and its already dead that would be the reason right?

Its very possible, but just to let you know, o2 sensor code could mean a number of things, such as the car running very rich/lean. It doesnt just mean the sensor is bad, it could also mean that the sensor is reading out of its range, causing it to throw the code.