Sounds as if you all need to borrow an oscilloscope...
I have ran these sort of tests several times while actually driving a car, the oscilloscope will let you see the voltage pattern in relation to time. Our regular voltmeters don't update near as fast as an oscilloscope does, thats the problem with just testing this with a voltmeter - sure you could get a reading for 2.5V and say yeah man, I am where I need to be! But the thing of that is - is it really steady at 2.5V? Or is it jumping around? With the oscilloscope it can make out a graph... here is what I suggest you were to do to really test out your O2 sensor...
Have the car running, all hooked up, set up the oscilloscope to a good time frame and have the highest volt reading set to like 5 or 10 volts... once you have the oscilloscope configured, get onto the car, give her all shes got for a few seconds and when your done off it, pause the graph - then review the graph and see exactly what happened....
If the graph shows you stayed at a steady voltage - there is something wrong. When you are accelerating it should call for a richer mixture. It should never tell the CPU to go lean.... and if it does end up staying at practically stoichiometric (or just above stoichiometric) the entire time, my best guess would be that the CPU is staying in open loop, or it just hasn't reached closed loop yet.
With this tool, you can run all kinds of tests... and another note is, don't expect your O2 sensors to put out good readings when you have your car at idle without really running it yet, this is why I would suggest running your car up just a little bit before doing these sort of tests - O2 sensors have to heat up to operate, and yeah there are some heated O2 sensors - but even those need a little bit of influence to get running good.