First you should verify that your timing belt didn't slip and its still in correct time. If its timed correctly then you can probably rule out a bent valve. When you remove the valve cover turn the engine over by hand and verify that the valves for #2 are going through the motions.

Zero compression due to a ring/piston issue will result in a ton of blow by and the crank case being pressurized. You could remove the vacuum hoses from the pvc ports on the valve cover and cap the hoses. Leave the ports on the valve cover open. Then start the truck up and let it idle while you pull the oil dipstick and feel if there is alot of air coming out, or see if any oil is splashing out. A ton of air and oil being thrown out is a bad sign.