I don't believe that is correct. Here is why:Honestly, if watch OS 3 works the way they say it will, I don't need a second gen watch.
If it were a 'given,' as a previous poster stated, there would be leaks (credible leaks). There are none.
The reason why we get leaks for iPhones is because Apple needs to manufacture at least 10mil units to have ready for launch which is not a simple task so the companies get a lot of time ahead the launch. However, AW doesn't need those numbers so they will need less time and therefore its still too early for any leaks.
Also, same goes for macs. Remember retina MBP? I don't think that leaked either. Simply, those "low" products don't leak as much as the iPhone.
I believe we will see AW2 this fall. 2 years cycle is perfect and the window for release is the same as iPhone - fall. (new software + new hardware) Thats why Apple moved those to fall and now sticks to it. WWDC introduces new software and fall brings in the products.