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1: Set a variable (say "isitloaded") in the parent frameset using JavaScript, before the <frameset> tags.
2: In the second frame page: Set this variable (parent.isitloaded) in the second page on the OnLoad event to something different.
3: In the first frame page: You can refer to the above variable (parent.isitloaded) to check if it has loaded.
There are restrictions: I don't think you can set up a loop to wait until the page 2 has loaded, this will cause an infinite loop in some browsers as it will stop loading the second page whilst the first is running JavaScript.