It is something that does happen from time to time. Replace the o-rings on the sensor and the plastic adapter housing it sits in.
probably crank sensor, they are famous for that
To warn you when there is a problem with the Air Bag System. (SRS)
Its possible that it is the TPS sensor (throttle position sensor)easy to replace yourself and available at your local parts store.It could also be a transmission issue, change the fluid and filter, but start with the TPS sensor its a common problem and cheaper solution
Remove oil pressure sensor and install a manual gauge
I had that same exact problem with a 1995 Jeep Cherokee, and it was indeed a bad oxygen sensor. Relatively cheap repair too.
Crankshaft position sensor on the transmission bell housing. usually the problem
P0121 - Throttle Pedal Sensor Switch "A" Circuit Range/Performance. Most common fix is to replace the Throttle position sensor.
There is no afs on a cherokee, they run on a map sensor.
You may need to replace the crankshaft position sensor. Not sure about the '94 but I have a 2000 that had this same problem. Replaced the sensor and the problem was solved.
check for spark and fuel pressure I just had this problem with a 1989 Cherokee and had to have a Cranking Sensor installed.
I had this problem and the manfold gasket was leaking I am aware of sensor issues with this but I has to replace the manifold gasket problem solved.
Fix the problem and the light will reset itself after a certain number of drive cycles.