This is how I did mine for my mustang. Im sure it would work for a ranger.
The parts/part numbers from radio shack that you will need are:
#2721434 - Tantalum Capacitor - You need 2 of these
#2711356 - This is a 5 pack of 1 mega ohm resistors. One pack is enough.
You will also need electrical tape, solder, and a soldering iron. If you don't have these items they can also be bought at radioshack.
You will need to remove your stock rear O2 sensor for this process.
Start by carefully cutting off the outer sheathing from the O2 sensor wiring. Once it is off you will notice that there are 4 different wires -- A Gray wire, a Black Wire, and two White wires. You will want to mark one of the white wires because they will have to be matched up in their original configuration when everything is soldered back together.
cut and strip the Grey wire so there is 1/2" of wire exposed. Now strip the black wire so there is about 1/2" or wire exposed you are going to follow the wiring diagram.
Be sure to pay attention to which end the Sensor is on and which the connector is on -- IT DOES MATTER.
After everything is soldered up wrap the entire wire area of the harness with the electrical tape. (I used a combnation of shrink wrap and electrical tape) Once all of the steps have been completed you should see the two ends(one the connector and the other the O2 sensors) with electrical tapped wire from end to end.
Undo your battery terminals so that the car has now power.
Screw the sensor back into the pipe and plug the connector ends back into the car.
After getting the sensors plugged back up about 5 minutes should have passed. Put the terminals back onto the battery and you are good to go.
I can't absolutely positively promise you that this will work for your vehicle, but it has for mine and was much cheaper than buying MIL's. It works exactly like MILs do so if you have followed the instructions and diagram you should be good to go and not have to look at an annoying check engine light.