It sounds like the first frame of your track 2 clip is blank/black, and simply moving the scrubber/play head a few frames to the right should show the actual content. Remember that until you resize and/or move the track 2 clip, you won't be able to see any of track 1 behind it.
Also, you seem to be running the original PD16 release from almost 2 years ago. There have been 5 updates since then, and you should update to v3424 by visiting the sticky thread at the top of the PD16 forum index page.