YubiKey 2.X has two configuration slots which work independently and can be reprogrammed separately.
When the YubiKey 2.X is shipped, it's first configuration slot is factory reprogrammed for OTP mode (which works with online Yubico OTP validation server) and the second configuration slot is left blank i.e. not programmed.
If you touch and hold the YubiKey button between 1-3 seconds before releasing, the first configuration slot will emit the password (based on slot 1 configuration). And if you touch and hold the YubiKey button about 4-5 seconds before releasing, the second configuration slot will emit the password (based on slot 2 configuration). In case if you happen to touch and hold it longer for more than 5 seconds, the touch button indicator will flash rapidly without emitting any password.
You can reprogram your YubiKey to static password mode without erasing the factory reprogrammed OTP mode.For this you need to select the "Write to configuration 2 (YubiKey 2 only)" option from the "Programming" screen of the latest YubiKey configuration utility as shown in following image:
Attachment:
Programming.JPG
This way you can use the OTP emitted from the configuration slot 1 (factory reprogrammed) with fastmail and the static password emitted from the configuration slot 2 with TrueCrypt.
Please note that by reprogramming the YubiKey, previously stored configuration data is wiped out and the new configuration data is written to the YubiKey. If you reprogrammed the factory reprogrammed configuration slot 1 to OTP mode then you won't be able to validate the OTP emitted from the configuration slot 1 with the online Yubico OTP validation server by default. However, in order to streamline the process for users who want to program their own AES keys in YubiKeys and still have a working key online we have changed the process of handling AES Keys at the online validation server.
You will have to use a YubiKey configuration utility to program your own AES key into a YubiKey and then upload the same AES key(s) to the server (to be used online) using the following link:
http://www.yubico.com/developers/aeskeys/The step by step instructions to upload the AES Key is available at the following forum link:
viewtopic.php?f=6&t=447&p=1928#p1928We hope this helps!