The Streaming Unmixing and Recognition Transducer (SURT) model was proposed recently as an end-to-end approach for continuous, streaming, multi-talker speech recognition (ASR). Despite impressive results on multi-turn meetings, SURT has notable limitations: (i) it suffers from leakage and omission related errors; (ii) it is computationally expensive, due to which it has not seen adoption in academia; and (iii) it has only been evaluated on synthetic mixtures. In this work, we propose several modifications to the original SURT which are carefully designed to fix the above limitations. In particular, we (i) change the unmixing module to a mask estimator that uses dual-path modeling, (ii) use a streaming zipformer encoder and a stateless decoder for the transducer, (iii) perform mixture simulation using force-aligned subsegments, (iv) pre-train the transducer on single-speaker data, (v) use auxiliary objectives in the form of masking loss and encoder CTC loss, and (vi) perform domain adaptation for far-field recognition. We show that our modifications allow SURT 2.0 to outperform its predecessor in terms of multi-talker ASR results, while being efficient enough to train with academic resources. We conduct our evaluations on 3 publicly available meeting benchmarks -- LibriCSS, AMI, and ICSI, where our best model achieves WERs of 16.9%, 44.6% and 32.2%, respectively, on far-field unsegmented recordings. We release training recipes and pre-trained models: https://sites.google.com/view/surt2.