The spelling of the phrase "telling thing two" is straightforward when broken down phonetically. The first word, telling, is pronounced with a /t/ sound, followed by a short /ɛ/ sound and an /ɪ/ sound. Thing is pronounced with a voiced /θ/ sound and a short /ɪ/ sound. Finally, two is pronounced with a long /uː/ sound. When pronounced together, the phrase has a rhythmic and catchy ring to it, making it a memorable phrase for children's stories and rhymes.