The Second Joyful Mystery is the Visitation:

In English:
39 And Mary rising up in those days, went into the hill country with haste into a city of Juda. 40 And she entered into the house of Zachary and saluted Elizabeth. 41 And it came to pass that when Elizabeth heard the salutation of Mary, the infant leaped in her womb. And Elizabeth was filled with the Holy Ghost. 42 And she cried out with a loud voice and said: Blessed art thou among women and blessed is the fruit of thy womb. 43 And whence is this to me that the mother of my Lord should come to me? 44 For behold as soon as the voice of thy salutation sounded in my ears, the infant in my womb leaped for joy. 45 And blessed art thou that hast believed, because those things shall be accomplished that were spoken to thee by the Lord. 46 And Mary said: My soul doth magnify the Lord. 47 And my spirit hath rejoiced in God my Saviour. 48 Because he hath regarded the humility of his handmaid: for behold from henceforth all generations shall call me blessed. 49 Because he that is mighty hath done great things to me: and holy is his name. 50 And his mercy is from generation unto generations, to them that fear him. 51 He hath shewed might in his arm: he hath scattered the proud in the conceit of their heart. 52 He hath put down the mighty from their seat and hath exalted the humble. 53 He hath filled the hungry with good things: and the rich he hath sent empty away. 54 He hath received Israel his servant, being mindful of his mercy. 55 As he spoke to our fathers: to Abraham and to his seed for ever. 56 And Mary abode with her about three months. And she returned to her own house.
In Latin:
39 Exsurgens autem Maria in diebus illis abiit in montana cum festinatione in civitatem Iuda. 40 Et intravit in domum Zacchariae et salutavit Elisabeth. 41 Et factum est ut audivit salutationem Mariae Elisabeth exultavit infans in utero eius et repleta est Spiritu Sancto Elisabeth. 42 Et exclamavit voce magna et dixit benedicta tu inter mulieres et benedictus fructus ventris tui. 43 Et unde hoc mihi ut veniat mater Domini mei ad me. 44 Ecce enim ut facta est vox salutationis tuae in auribus meis exultavit in gaudio infans in utero meo. 45 Et beata quae credidit quoniam perficientur ea quae dicta sunt ei a Domino. 46 Et ait Maria magnificat anima mea Dominum. 47 Et exultavit spiritus meus in Deo salutari meo. 48 Quia respexit humilitatem ancillae suae ecce enim ex hoc beatam me dicent omnes generationes. 49 Quia fecit mihi magna qui potens est et sanctum nomen eius. 50 Et misericordia eius in progenies et progenies timentibus eum. 51 Fecit potentiam in brachio suo dispersit superbos mente cordis sui. 52 Deposuit potentes de sede et exaltavit humiles. 53 Esurientes implevit bonis et divites dimisit inanes. 54 Suscepit Israhel puerum suum memorari misericordiae. 55 Sicut locutus est ad patres nostros Abraham et semini eius in saecula. 56 Mansit autem Maria cum illa quasi mensibus tribus et reversa est in domum suam.
From a Commentary by The Venerable Bede:
And Mary said: My soul proclaims the greatness of the Lord, my spirit rejoices in God my Savior.The Lord has exalted me by a gift so great, so unheard of, that language is useless to describe it; and the depths of love in my heart can scarcely grasp it. I offer then all the powers of my soul in praise and thanksgiving. As I contemplate his greatness, which knows no limits, I joyfully surrender my whole life, my senses, my judgement, for my spirit rejoices in the eternal Godhead of that Jesus, that Saviour, whom I have conceived in this world of time.
The Almighty has done great things for me, and holy is his name.
Mary looks back to the beginning of her song, where she said: My soul proclaims the greatness of the Lord. Only that soul for whom the Lord in his love does great things can proclaim his greatness with fitting praise and encourage those who share her desire and purpose, saying: Join with me in proclaiming the greatness of the Lord; let us extol his name together. Those who know the Lord, yet refuse to proclaim his greatness and sanctify his name to the limit of their power, will be considered the least in the kingdom of heaven. His name is called holy because in the sublimity of his unique power he surpasses every creature and is far removed from all that he has made.
He has come to the help of his servant Israel for he has remembered his promise of mercy.
In a beautiful phrase Mary calls Israel the servant of the Lord. The Lord came to his aid to save him. Israel is an obedient and humble servant, in the words of Hosea: Israel was a servant, and I loved him. Those who refuse to be humble cannot be saved. They cannot say with the prophet: See, God comes to my aid; the Lord is the helper of my soul. But anyone who makes himself humble like a little child is greater in the kingdom of heaven.
The promise he made to our fathers, to Abraham and his children for ever.
This does not refer to the physical descendants of Abraham, but to his spiritual children. These are his descendants, sprung not from the flesh only, but who, whether circumcised or not, have followed him in faith. Circumcised as he was, Abraham believed, and this was credited to him as an act of righteousness.
The coming of the Saviour was promised to Abraham and to his descendants for ever. These are the children of promise, to whom it is said: If you belong to Christ, then you are descendants of Abraham, heirs in accordance with the promise.