Does SA2 Exist Now?

Perhaps. According to someone on Segadojo who only goes by the name “Goat”:

I don’t know how much this is worth, but today, I went to a ‘game discussion’ at Sega HQ in San Francisco. And besides their building being pretty sweet, I got to see some pretty cool drawings of some characters from Sonic Adventure 2. There will be a Girl Bat possibly named “Nails” ( I didn’t really like that name) and she will be a spy that’s sly and she can fly (nice rhyme eh?) And there will be another bad guy, a dark “shadow” to Sonic that looks really cool, a couple of the drawings had him with one eye. Another interesting thing I saw is there will be good and evil Chao, the evil ones having devil tails and being black, the good ones still look the same. On the last page that they showed our group had a big several eyed monster, a very human looking floating angelic good like chick (think the last girl in Silent Hill for PSX) and some kind of flying dwarf that looked kinda like Sonic. Pretty cool stuff. They didn’t let me take the pages with me, but the game is lookin cool.