We report that exposing the dipyrrin complex (EMindL)Cu(N2) to air affords rapid, quantitative uptake of O2 in either solution or the solid-state to yield (EMindL)Cu(O2). The air and thermal stability of (EMindL)Cu(O2) is unparalleled in molecular copper-dioxygen coordination chemistry, attributable to the ligand flanking groups which preclude the [Cu(O2)]1+ core from degradation. Despite the apparent stability of (EMindL)Cu(O2), dioxygen binding is reversible over multiple cycles with competitive solvent exchange, thermal cycling, and redox manipulations. Additionally, rapid, catalytic oxidation of 1,2-diphenylhydrazine to azoarene with the generation of hydrogen peroxide is observed, through the intermittency of an observable (EMindL)Cu(H2O2) adduct. The design principles gleaned from this study can provide insight for the formation of new materials capable of reversible scavenging of O2 from air under ambient conditions with low-coordinate CuI sorbents.