So looks like beta 2 is out but when I go to my apple watch application and go into general->software update it says there are no updates available.
Do I need to download the beta 2 download and do the whole install process all over again?
you shouldn't need to download anything else provided you already did the profile for the first watchOS 2 beta (and you haven't reset your iphone or watch which would remove the profile I think). It wasn't available for most folks yesterday, but it looks like it finally is avaialbe this morning. Oh and make sure your iphone is on the ios9 beta 2 before you try updating to watchOS 2 beta 2.