You could only heal the one point.
That makes thematic sense, but if that's the case it definitely needs an errata because the literal text says differently. Taken literally, you do two separate things
(1) heal up to 2 damage
(2) place the amount of damage you heal on target creature
Healing is limited by your total life
Damage is not limited by the targets health, for example a creature can deal more damage than a target has life. While the Vampiric trait explicitly states not to count damage exceeding the target's life total, Death Link makes no such distinction.
I could see it argued both ways because in this case the Thematic and Literal interpretations differ.