Notes password or restrctions on my touch?

You can't set some sort of restriction or password for the Notes application. The only thing I can suggest is activating a passcode in Settings, which you'll have to type in every time you slide to unlock.

 

The only way to have any password specific to any application is if your jailbroken. There is not jailbreak for 2nd Generation ipod Touches YET. But there have been a lot of activity on jailbreak related sites so keep a watch for it.

 

You could also use an app like LockBox to securely store your private notes. It is free.

 

Many notes app in the app store offer passwords protection on your notes. iconic notes is one example.