Hi - I will copy my reply to someone else re this the other day:
Something from the Duplo or Lego ranges, as there is a vast selection and they 'grow' with the child, and can be added to for many years.
Children need books at this age, to start to encourage a love of books, leading gradually to early reading skills.
Jigsaw puzzles, craft activities, child-safe scissors to cut up junk mail or brochures, and a scrap book to stick pictures into.
At 2 our DS was 'playing' on our Yamaha organ, and within a couple of years was playing music properly. So if you can afford it, a Keyboard can be the start of a lifelong involvement in music; not a 'toy' one, but 61 full size keys.
If possible AVOID screen based toys at this age and things that need batteries (expensive, and bad for the environment), and no DVDs. (Plenty of time for those when she is a lot older.)