Good news:
The first episode of the second season of Sword Art Online aired today
Additionally, it will be 24 Episodes.
Episode one was pretty much about what happened in chapter one of the manga here.
Here is the opening of the anime:
What will it cover?
I am not sure, but volumes five and six of the light novel will be included for sure since these are where the "phantom bullet" arc takes place.
The first season covered about four volumes, although it also included a bit of Sword Art Online: Progressive Volume one (which is a remake which starts from floor one and doesn't suddenly jump all the way to floor 74)
Don't get your hopes up for the Alicitation arc, it is quite too extensive to be fit in SAO II:
Volume 09- Alicitation Beginning
Volume 10- Alicitation Running
Volume 11- Alicitation Turning
Volume 12- Alicitation Rising
Volume 13- Alicitation Dividing
Volume 14- Alicitation Uniting
Volume 15- Alicitation Invading (will be released in August this year)
And each of these volumes are about 300 pages long. And yes it is VERY important because aside from Kirito risking his bacon (again) it represents the link between Accel World and Sword Art Online.