For diatomic molecules:
- For rigid molecules, the specific heat ratio \( \gamma_1 = \frac{C_P}{C_V} \) is typically 5/3 for a monoatomic gas.
- For diatomic gases with vibrational modes included, the value of \( \gamma_2 \) will be lower, since vibrational modes contribute more degrees of freedom which lower the specific heat ratio.
Thus, \( \gamma_2 \) is smaller than \( \gamma_1 \), as vibrational modes lead to higher internal energy without increasing the temperature as much. Therefore, the correct answer is \( \boxed{\gamma_2 < \gamma_1} \).