Update: The team over at Dotnod have made statements regarding the delay you can read them below.
” Dear friends of Life is Strange,
Square Enix first forray into episodic content, Life is Strange Episode 2 has been delayed. No word yet on the actual release date or on reasons its been delayed. Dotnod developers of Life is Strange wanted to keep a six week time schedule between all of the episode, but it seems like this one will break the routine. We will have more updates on Life is Strange Episode 2, for now check out our review for Life is Strange Episode:1 Chrysalis.