When working reversible lace on 1×1 ribbing, you'll need to substitute a yarn-over with a double yarn-over. The notation for that can be yo2 or yo2 or even (yo)×2. Whatever way it is written, it means wrap the yarn not once but twice around the needle. Alternatively, you can just wrap very loosely if you prefer to wrap only once. When you come to the yarn-over hole on the next row or round, you'll need to create two stitches from it rather than one. Since the base fabric for reversible lace is 1×1 ribbing, work knit 1, purl 1 into the yarn-over hole. Interestingly, it is knit 1, purl 1 whether you are working back and forth or in the round.
If you have a lace pattern that uses dramatic increases, such as k1-yo-k1-yo-k1, then the maneuvers are even more complicated. But that is a topic for much farther in the future.