When playing a Hulu+ video on your iPad, you will not get an AirPlay icon, as you do with YouTube videos. The only way to AirPlay it to your TV is by enabling the Mirroring option on your iPad 2. However, you won't get full screen playback and the quality is average to poor. But technically, yes, it can be done.
I'm not jail broken on any of my devices, so I don't know what other options are out there, regarding Hulu.
Also, it is rumored that AirPlay Mirroring will come to Lion (as well as iMessage -- allegedly). Being able to Mirror your Mac to your TV will obviously make a huge difference.