We present results from spectroscopic observations with the Michigan/Magellan Fiber System (M2FS) of 182 stellar targets along the line of sight to the newly-discovered `ultrafaint' object Reticulum 2 (Ret 2). For 38 of these targets, the spectra are sufficient to provide simultaneous estimates of line-of-sight velocity ($vlos$, median random error $\delta vlos=1.3$ km s$\mathrm{<mrow\; data-mjx-texclass="ORD">-1</mrow>}$), effective temperature ($Teff$, $\delta Teff=464$ K), surface gravity ($\log g$, $\delta logg=0.54$ dex) and iron abundance ([Fe/H], $\delta [\mathrm{Fe}/H]=0.45$ dex). We use these results to confirm 18 stars as members of Ret 2. From the member sample we estimate a velocity dispersion of $\sigma vlos=3.6-0.6+0.9$ km s$\mathrm{<mrow\; data-mjx-texclass="ORD">-1</mrow>}$ about a mean of $⟨vlos⟩=64.8-1.0+1.1$ km s$\mathrm{<mrow\; data-mjx-texclass="ORD">-1</mrow>}$ in the solar rest frame ($\sim -90.9$ km s$\mathrm{<mrow\; data-mjx-texclass="ORD">-1</mrow>}$ in the Galactic rest frame), and a metallicity dispersion of $\sigma [Fe/H]=0.50-0.13+0.17$ dex about a mean of $⟨[\mathrm{Fe}/H]⟩=-2.67-0.34+0.34$. These estimates marginalize over possible velocity and metallicity gradients, which are consistent with zero. Our results place Ret 2 on chemodynamical scaling relations followed by the Milky Way's dwarf-galactic satellites. Under assumptions of dynamic equilibrium and negligible contamination from binary stars---both of which must be checked with deeper imaging and repeat spectroscopic observations---the estimated velocity dispersion suggests a dynamical mass of $M(Rh)\approx 5Rh\sigma vlos2/(2G)=2.4-0.8+1.3\times 105$ $M\odot$ enclosed within projected halflight radius $Rh\sim 32$ pc, with mass-to-light ratio $\approx 2M(Rh)/LV=462-157+264$ in solar units.