The CV Watcher image below shows the relationship of the voltages.
The red trace shows the V/BAR input running in a four bar loop. The yellow trace shows the ODD BARS output. The green trace shows the EVEN BARS output.
Note that when the ODD BARS output is high the EVEN BARS is zero and vice versa.
You will often use this module to help chain a pair of sequencers so that the sequence spans two bars instead of one.
The Time Split 2 module is introduced in LSSP 101 Tutorial 2.