If field 1 is defined as a text field, what you show should show the text ".01" in field 2. You don't actually need to enclose that number in quotation marks, it'll work just the same without them.
A common "gotcha" with auto-enter calculations is that if you add or change such a calculation to your table, existing records will not update to show the calculated data. You have to make an extra effort to get them to update using the added or modified calculation. See this thread for one trick that works for that update: Updating values in auto-enter calc fields without using Replace Field Contents
I entered a new record and the Auto-Enter Calc worked. It was then I realized I wasn't as dumb as I thought I was. I wrote a script to re-validate the fields. I have since redefined FIELD2 as a calculation as you recommended above.
I did not actually recommend that the field be defined as a calculation field. There can be good reasons to set it up as an auto-enter calculation. Each option has it's particular strengths and weaknesses.
Understood. I used your solution as it better fit my application in this case. Thanks again for your help.