We present the second data release of the Radial Velocity Experiment (RAVE), an ambitious spectroscopic survey to measure radial velocities (RVs) and stellar atmosphere parameters of up to one million stars using the 6dF multi-object spectrograph on the 1.2-m UK Schmidt Telescope of the Anglo-Australian Observatory (AAO). It is obtaining medium resolution spectra (median R=7,500) in the Ca-triplet region (8,410--8,795 AA) for southern hemisphere stars in the magnitude range 9<I<12. Following the first data release (Steinmetz et al. 2006) the current release doubles the sample of published RVs, now containing 51,829 RVs for 49,327 individual stars observed on 141 nights between April 11 2003 and March 31 2005. Comparison with external data sets shows that the new data collected since April 3 2004 show a standard deviation of 1.3 km/s, about twice better than for the first data release. For the first time this data release contains values of stellar parameters from 22,407 spectra of 21,121 individual stars. They were derived by a penalized chi^2 method using an extensive grid of synthetic spectra calculated from the latest version of Kurucz models. From comparison with external data sets, our conservative estimates of errors of the stellar parameters (for a spectrum with S/N=40) are 400 K in temperature, 0.5 dex in gravity, and 0.2 dex in metallicity. We note however that the internal errors estimated from repeat RAVE observations of 822 stars are at least a factor 2 smaller. We demonstrate that the results show no systematic offsets if compared to values derived from photometry or complementary spectroscopic analyses. The data release includes proper motion and photometric measurements. It can be accessed via the RAVE webpage: http://www.rave-survey.org and through CDS.
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