The difference between the (2) Profiles depends on the kit. The differences are typically the Frequency and/or the CAS Timings. Most RAM kits only have Profile1 and not Profile2; meaning just because the BIOS has the option it has nothing to do with the kits themselves.
To find out both the available 'SPD' (aka JEDEC) & XMP settings for your kit use CPU-z and look at the 'SPD' tab. Also, the 'Memory' tab shows the current running Frequency and CAS Timings (multiply the DRAM Frequency * 2). CPU-z - http://www.cpuid.com/softwares/cpu-z.html
Example 'SPD' tab (multiply the Frequency * 2)