Somebody in another site found the answer so I thought I would share: putty is the heavy-body material and wash is the light-body material, so this kind of impression is called a putty-wash impression.
Pink/Magenta is light-bodied impression (for occlusal surfaces and area where preparation was done)
Green is heavy-bodied impression (goes over the light-bodied impression material)
Not sure what you mean by one-step and two-step impressions, but I'll take a stab at it...
one-step would be along the lines of alginate impression (where you only need one application of material for one impression); and two-step would be something like what you've posted above (two applications of material for one impression)
Being a dinosaur from that era of impression taking I'll attempt an explanation. One step would be placing the heavy body/ putty in the tray and syringing the light body/wash around the preps and allowing both materials to polymerize in the tray. Two-step is to take the putty/heavy in the tray and taking an impression prior to tooth preparation. After tooth perpetration two vent holes are placed into the putty impression on opposite sides of the prepared teeth. The tray is reseated on the prepared teeth and wash/light body is syringed into one of the vent holes and allowed to extrude out the other. Alternatively the wash could be placed into the prepared teeth area and the seated allowing the excess to extrude through the vents. Supposedly an improvement over poly sulfide (rubber base) impressions.