Download Forge src
Make Folder called 'Mod1'
Unzip Forge src into 'Mod1'
Make Folder called 'Mod2'
Unzip Forge src into 'Mod2'
OMFG YOU HAVE TWO MODS OMG OMG OMG OMG GOMG OMGMGOMGKMKGMOGMOGMOMGOGJOGOGO
Seriously guys we've made this stupidly simple, quit complicating it.
If you want to have both mods in a single eclipse workspace that's slightly more complicated, but not really.
Just setup a workspace somewhere, anywhere. And then run the 'eclipse' task on both mods. Then input the eclipse projects... Seriously.. not hard.