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If you are still under probation or supervision the answer is yes. If not, there is little chance but yet a possibility you could serve time. No, it is not the same as a traffic ticket. Never trust police as they never tell the truth. Are you likely to serve time? I really doubt it. Will you pay a fine and court costs, pretty much a certainty. Best bet on the petty theft would be to contact your victim and see if the matter could be resolved by paying off financially for the wrong and offer that you will also put in some hours of community service to atone. I bet charges will be dropped. And without the victim, no legal charges can be made. On that financial restitution, starting point should be 150% of the value taken.
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