I don't think there's any information on this yet. I haven't seen anything
about a timeframe though I would guess the earliest we may see blend 2 is
right before the RTM of Silverlight 1.1. I would expect though that Blend 2
would be sometime after the Silverlight 1.1 release just to be sure that the
tool has all the features of the final shipping Silverlight framework.
Hope this helps,
Mark Fitzpatrick
Microsoft MVP - Expression