There are a couple of options based on your need:
- If we are talking about basic sharing and granting access (one-way), you can invite the users from Tenant 2 by using External Sharing feature.
Guest user accounts will be automatically created in Tenant 1 once they accept the invitation. After that, you can give them access to the sites by granting permission to the guest user accounts.
Reference: Collaborate with guests in a site. - If you need to do further collaboration between the two tenants, you can refer to the document here for more information on Microsoft 365 inter-tenant collaboration.
- Another option for collaboration is to create a B2B extranet and put all the contents you want to share in that site. The contents will be kept in one place and the users from Tenant 2 will not have access to other locations in Tenant 1 except for this site.
Another post for detailed introduction: Sharing SharePoint site between Office 365 tenants.
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