It should be launching the "first week of February," said Telltale's Kevin Bruner. He admits that "several things conspired against us" and so delayed the episode.
This is Telltale's fantasy noir adventure series based off the Fables comic series, which has been received well among adventure gamers. It deals with murder most foul.
"Ep 2 should be available the first week of February," Kevin Bruner on their forums. "We are very concerned about the long delay for this episode, but this is one of those occasions where several things conspired against us (not to mention the additional delays due to the holidays). I won't dive into the details, but it’s been an unusual and specific set of circumstances and we do not anticipate it happening again as we go forward with the rest of the season."
Unfortunately this isn't the first time adventure fans have had to painfully wait for an episode from the studio because of delays. It's the downside of releasing something in episodic form. However Telltale have promised they are learning from mistakes and working hard to avoid this long breaks between episodes.
"So there you have it. First week of February!" he concluded.
The Wolf Among Us releases on PC, Mac, Xbox 360, PS3, Vita and iOS.