The correct spelling of the phrase "no one two" is "no one knew". The pronunciation of "knew" is /njuː/, which sounds similar to "two". However, in English, the phonetic transcription of "knew" includes the "k" sound followed by a long "u" sound, represented by the letter "u" followed by a colon (/nju:/). Some people might misspell this phrase due to the homophonic similarity between "knew" and "two", but it is important to use the correct spelling to avoid confusion in written communication.