I would assume the red is 12V switched power, and the balck is ground, for the heating element.
The white should be your reference going back to the computer.
Set your volt meter to VDC, and with the Jeep running for atleast a minute (so it's in closed loop) back probe the connector at the white wire, with your positive lead. And of course ground the neg. lead.
You should see voltage in mV, it should cycle up and down, kind of like an AC wave. Should see voltages anywhere from as low as .100 or less to as high as .700 or higher. If you simply see 12V, or OL than you have the wrong wire, just try one of the other ones.
If the voltage only hovers in a small range, like .200-.300 or is stuck on one number, then the O2 is dead. But make sure the Jeep has run long enough to be in closed loop.
If it does stick in the lower numbers the computer will add fuel to try and get the numbers up, this would cause you to fail. Or vice versa, if the numbers stick in the higher end of the scale the computer would take fuel out.
If you have access to a scanner you can simply read the O2 voltage on it.