There’s an update post on Project Zetsubou (the fan translation team who released number one). I figured they might not be doing the sequel anymore since NISA picked up the first game, but they spoke to someone from NISA (Houk), and now there is a statement. Here is the statement:
Super Danganronpa 2: (after speaking to NISA)
“All we can say about this is that the game will be made playable in English at some point in time. If NIS America announces plans to release it, then we won’t do it. If they don’t, well… just buy the Vita release of the first game and make sure it doesn’t come to that.” [via project zetsubou]
They don’t really say anything concrete, but the way I interpret it is that, they’re going to wait, with an inkling that it will picked up in years time if NISA doesn’t. They’ll still do the prequel novel and the drama CDs.