The interaction of an intense 2 eV femtosecond pulse with the Na-2 molecule prepares vibrational wavepackets in several electronic states. Subsequent ionization with a time-delayed probe pulse produces photoelectron kinetic energy distributions which depend on the pump-probe delay and reflect the vibrational dynamics in the various electronic states. We compare the resulting spectra with others obtained by direct one-photon ionization and show that in the latter case the contributions from different electronic states can be separated. (C) 2002 Elsevier Science B.V. All rights reserved.