It was removed by the previous owner when I bought it but he had included the O2 sensor as well, I tried running with the O2 sensor in place and it made zero difference, also the sensor significantly protrudes into the exhaust stream effecting flow where as the bolt is only as long as the threads so it is a straight path through that area. While I haven't experienced it, it is said that the O2 sensor itself can send a check code for its pre-heating element being in fault, however if the sensor is gone entirely it can never cause the code. There's been numerous discussions on removing it both here (
http://husaberg.org/exhausts/11049-09-oxygen-sensor.html) and on advrider.com.