You will need to supply your dongle ID to Motion Media, and generate a context.wbc file. We will then update your Chaosgroup account and once your context.wbc file has been sent in, you will receive an executable file that you simply click on to reprogram your dongle to support the 2.0 license.
To generate the context.wbc file, if you have an existing V-Ray installed, make sure your V-Ray license server is running. open a browser and type http://localhost:30304, and save the context.wbc file.
If you no longer have V-ray 1.5 installed, you can download the new 2.0 crossgrade from your updated account, install it, make sure your V-Ray license server is running, then run the above command.
Here is a link to a video on installation, it is for 3ds Max, but the steps are similar
V-Ray 2.0 for Maya Key Features
Here are some of the key features of the new V-Ray 2.0 for Maya. To enjoy the full list of improvements and videos, please click here.
VRayCarPaintMtl - create stunning car paint shaders complete with base, flake and coat layers.
Ptex textures - with V-Ray 2.0 you can stop worrying about UV coordinates and use PTex textures.
VRayLightSelect Render Element - extract the contribution of each light to the scene and compose all the lights back together and change their intensity in real time in any compositing software.