Future Episode Predictions
Now this isn't as much of a "who is the murderer" thread, but more of a "what events might occur throughout Episodes 3, 4, and 5" thread. So let's begin!
1). I am almost 99.99% positive that something will happen to Ariel, "Nerissa". First off, I just generally think she'll have a bigger role within the story. Also, she the last remaining (as far as we know) "working girl" from the Pudding and Pie. Whoever the murderer is has something to do with the club, Georgie, or the whores. And when she talked to Georgie about getting Bigby a room at the Hotel, he just handed the key right over to her. Considering Bigby just destroyed a shit ton of his stuff, you'd think he'd be a bit reluctant
2). I think the farm will appear, or at least give a little more to the story. It seems to be, from what I've played and seen from the comics, that it is a large part of this universe, and that it would be a shame to only mention it
3). I Think that T.J. is holding out on us, and that as the story progresses, he will reveal more about that night in the river. We got so little info from him that I think he will come clean about something, like maybe elaborating on what the figure said, or a vague description
4). The Crooked Man will also come into play and be a large part of the story. I think that's all I need to say about that topic
5). I think Bluebeard will be falsely accused, because I genuinely think he was not responsible for these murders. I believe Bigby and Snow will confront him, and peg the murders on him, take him into custody, and stick him in the farm, only to realize that the murders are still occurring and that he is innocent
6). I think Dee and Dum are working for The Crokked Man, as sort of debt collectors. If you talked to Beauty before going upstairs in the Hotel, she says she took a loan from The Crooked Man. I think The Crooked Man is a sort of philanthropist (I could be horribly wrong) and when heard about the murders, he enlisted Dee and Dum to investigate. And as Dee said, "I didn't kill anyone. My boss is just looking for the killer, too", or something along those lines
Well, that's all I have. Hopefully at least some of them happen. Feel free to debate in the comments below! 
Comments
Don't forget about the other workin girl, Vivian (the one who showed us in)
Considering Nerissa, I agree that she wil have a bigger role in the following episode at least. Also i was looking at the steam achievements and one has her face with no eyes, with the title 'What big eyes you have'. This refers to Red Riding Hood obviously. So i think that maybe she is going to be the next victim or...maybe she is actually RRH impersonating Nerissa and working at the club for some reason.
THAT was Crane's Vivian? The one mentioned in EP1? Or just a name coincidence?
I doubt it was a name coincidence, they could have chosen anything
Well episode one and two seem to be building the story. Episode three may be when it all starts to go down. We still have to find the woodsman, depending on your choices. Who exposed crane dirty little secret, I'm betting the horseman.The crooked man hasn't been revealed, also any small character may play a bigger role. Hell faith might not be dead, dead. Possible corruption in fable government and how its play with the episodes.So yes I wouldn't count Narissa, and Vivian out. Plus I would like to see red riding hood and what she been up to. She probably wouldn't be happy to see Bigby, and the prison camp aka the farm.
They wouldn't stick him in the Farm, he's already human, the Farm is where the non-human Fables who can't afford glamours go. If anything, they'd throw him down the Witching Well.
I wonder if Red Riding Hood will appear, because in Ep. 1 (it was episode 1 right?) Woodsman talks about how he was an inadvertent savior to Red Riding Hood. I'd like to see Red come up to Woodsman as a friend, and then Woodsman revealing to her the truth about his involvement with her
She won't appear. Red arrives in Fabletown in the comics and had never been to the mundy world before. Also, in Episode 1, when you examine the Book of Fables in the business office and look at the picture of Red Riding Hood, Bigby might say "I think her name was Red. She didn't make it out." I will not spoil what happens in the comics, but if you'd read them, you would know she's not going to make an appearance.