You can simply update the plugin via the WordPress admin section. However, it is always advisable to update any plugins in a non-live environment first to ensure functionality is as expected.
Updating from v1.x to v2.x
Efforts have been taken to ensure a smooth update from v1 to v2, but v2 should be considered a breaking change and it is advised to test the new version in a development environment first. The v1 settings will be retained until upgrading to the next release.