Trajectories of a signal that fluctuates between two states which originate from single molecule activities have become ubiquitous. Common examples are trajectories of ionic flux through individual membrane channels and of photon counts collected from diffusion, activity, and conformational changes of biopolymers. By analyzing the trajectory, one wishes to deduce the underlying mechanism, which is usually described by a multisubstate kinetic scheme. In previous works [O. Flomenborn, J. Klafter, and A. Szabo, Biophys. J. 88, 3780 (2005); O. Flomenbom and J. Klafter, Acta Phys. Pol. B 36, 1527 (2005)], we divided kinetic schemes that generate two-state trajectories into two types: reducible schemes and irreducible schemes. A full characterization of the reducible ones was given. We showed that all the information in trajectories generated from reducible schemes is contained in the waiting time probability density functions (PDFs) of the two states. It follows that reducible schemes with the same waiting time PDFs are not distinguishable; namely, such schemes lead to identical two-state trajectories in the statistical sense. In this work, we further characterize the topologies of kinetic schemes, now of irreducible schemes, and further study two-state trajectories from the two types of scheme. We suggest various methods for extracting information about the underlying kinetic scheme from the trajectory (e.g., calculate the binned successive waiting times PDFs and analyze the ordered waiting time trajectories), and point out the advantages and disadvantages of each. We show that the binned successive waiting times PDFs are not only more robust than other functions when analyzing finite trajectories, but contain, in most cases, more information about the underlying kinetic scheme than other functions in the limit of infinitely long trajectories. For some cases, however, analyzing the ordered waiting times trajectory may supply unique information about the underlying kinetic scheme. (C) 2005 American Institute of Physics.