This is cut n pasted from some information I have collected for myself (I'm an early childhood teacher):
Language Development 18mth-2yrs
Has vocabulary of approximately 5-20 words
Vocabulary made up chiefly of nouns
Some echolalia (repeating a word or phrase over and over)
Much jargon with emotional content
Is able to follow simple commands
Language Development (2-3yrs)
Can name a number of objects common to his surroundings
Is able to use at least two prepositions, usually chosen from the following: in, on, under
Combines words into a short sentence-largely noun-verb combinations (mean) length of sentences is given as 1.2 words
Approximately 2/3 of what child says should be intelligible
Vocabulary of approximately 150-300 words
Rhythm and fluency often poor
Volume and pitch of voice not yet well-controlled
Can use two pronouns correctly: I, me, you, although me and I are often confused
My and mine are beginning to emerge
Responds to such commands as "show me your eyes (nose, mouth, hair)"
I have included the 18mths as well because your little one is only just 2, so could be in between.
Hope that helps