haha yeah, I was so confused when I switched to 2.0 after using 1.1 for a few months! But the new system is actually much nicer and easier to use... just doesn't make sense at first glance. And it just took me a minute to figure it out again after a few weeks have passed since I last used it...

Make a new color ramp then click the right arrow to edit it (>)
Left click on the bar to place down transitions
Right click to remove them
Left click on one to select it and you can even drag them around!
Click on the color box on the far right to change the transition color
This new system is much more visual and intuitive, but for some reason it's just impossible to figure out how it works on your own. I would have never guessed that you could click on the color box, not in a million years! It looks like the most unpressable GUI element I've ever seen...