Matrix Reloaded was kinda awful. bad acting, convoluted story, and cheesy special effects (the first matrix movie was so good, how could the second be so lame!)
T2 might be the second best action movie ever made (after Die Hard of course). Apart from the molten metal, there isn't much digital stuff. the special effects are actually practical elements. Awesome action scenes, descent plot, and actual characterizations.
T2 by far, no contest.