The Wolf Among Us Episode 2 Release Date Confirmed

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Following the delay since the first episode released, The Wolf Among Us Episode 2: Smoke & Mirrors will be releasing during the "first week of February", Telltale Games has confirmed.

We are working hard with all of our partners (Xbox, PlayStation, Steam, Apple) to coordinate everything, but we’re confident enough to announce that here. The episode is looking really good (as is the rest of the season!). We are very concerned about the long delay for this episode, but this is one of those occasions where several things conspired against us (not to mention the additional delays due to the holidays).

I won’t dive into the details, but it’s been an unusual and specific set of circumstances and we do not anticipate it happening again as we go forward with the rest of the season.
— TellTale Games

"First week of February" would likely make the release date on the Xbox Live Arcade Wednesday, February 5th. So far we know that Jack of 'Jack and the Beanstalk' will be in Episode 2. You can get more information, and screenshots here