Is your two-year old still putting things into his mouth? Is he able to follow instructions (when you say “no”)?
If he is able to comply to instructions from you discouraging him from putting the dough into his mouth, it shouldn’t be a problem.
You can also try making your own play dough (http://babyparenting.about.com/cs/activities/a/playdough.htm) and supervise his play sessions.
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