From what I have seen on other mailing lists, you may want to run that
on a test server  first -- one person had really bad mojo and has been
working on recovering his system since 6 PM yesterday. That, and the
fact that Microsoft did not have a lot of fanfare for this SP causes me
to tread lightly....

Does anyone know if SP2 is cumulative (ie... includes everything from SP1)? I
am getting ready to install SP1 on a test server  and I am wondering if I should
just skip that and go straight to installing SP2.

"SharePoint Portal server  2001 service  Pack 2 (SP2) is a cumulative service
pack that provides improved server-side document management programmability
for Web Parts, updates based on the Microsoft Trustworthy Computing
Initiative, and the latest fixes for issues reported by customers."

Yes, the article on MS website says it does. So if you install SP2, you
should have all the fixes of SP1.

From the SPS service  pack 2 readme file:

For users who are upgrading directly to SP 2 from the original release of
SharePoint Portal Server 2001 and do not have the SP 1 README on CD, you can
view the Knowledge Base article that contains that README. The article
containing that README is Q313837.

It appears that sp1 is not required before applying sp2.