Step 1: Use the cosine rule.
In a triangle,
\[
\cos A=\frac{b^2+c^2-a^2}{2bc}
\]
and
\[
\cos B=\frac{a^2+c^2-b^2}{2ac}
\]
Using
\[
\cos 2A=2\cos^2A-1
\]
and
\[
\cos 2B=2\cos^2B-1
\]
direct simplification becomes lengthy. Hence we use a standard identity valid in any triangle:
\[
\frac{\cos 2A}{a^2}
=
\frac{1}{a^2}
-\frac{1}{2R^2}
\]
and
\[
\frac{\cos 2B}{b^2}
=
\frac{1}{b^2}
-\frac{1}{2R^2}
\]
where \(R\) is the circumradius.
Step 2: Subtract the two expressions.
Therefore,
\[
\frac{\cos 2A}{a^2}
-
\frac{\cos 2B}{b^2}
=
\left(\frac{1}{a^2}-\frac{1}{2R^2}\right)
-
\left(\frac{1}{b^2}-\frac{1}{2R^2}\right)
\]
\[
=
\frac{1}{a^2}
-
\frac{1}{b^2}
\]
Step 3: Final conclusion.
Hence,
\[
\boxed{\frac{1}{a^2}-\frac{1}{b^2}}
\]
Therefore, the correct option is
\[
\boxed{(2)\ \frac{1}{a^2}-\frac{1}{b^2}}
\]