There's some uncertantity as to whether it's already out or not - there was a steam update since Patch 1 (on 24th December), but it may not have actually been Patch 2, Larian's posts on the following thread seem to indicate it isn't, but they haven't responded yet to further questions:

http://www.larian.com/forums/ubbthreads.php?ubb=showflat&Number=432803#Post432803

I gather you must be having graphics problems, as these were the only things addressed in patch 2? If you're still having them, then the Steam update probably wasn't Patch 2.