Is this a shortcut to Lake Two or do we need to take the five portages to access Lake Two?

That is not a shortcut. You need to take the 2 short portages to get to Lake Two and beyond.

Fritty

Nope. It says ‘dangerous waters’ on some maps because others have tried. RIP.

On the good side, if you try that way the rapids will be coming at you and you won’t try. But there are only two portages to Lake 2.

Follow your red line to where it says Lake One. Continue south to where it says Boundary Waters Canoe Area Wilderness and then go southeast to the yellow portages. That’s the standard route.