I believe that is an oxymoron unless you add the words "with a nanny" to the sentence.
In all seriousness, as a college kid, I accompanied several families on vacay with young children and that worked out well for them. I can't imagine much being relaxing w/ a 2YO in tow unless you can work out some baby sitting services.
A good horseman doesn't have to tell anyone...the horse already knows.
We always went camping . Not too expensive, kids don't have to be quiet or restrained and plenty of places to ride a bike, get wet , walk etc.... I know you have a 2 year old, but a trike can easily be ridden while you walk along with the dogs and the best part is they sleep great at the end of the day!
The beach. Go to the beach in the morning, play in sand and water. Wear out child. Long nap. After, go to pool, then dinner, then put kid to bed and curl up with a book and a glass of wine. Perfection! I have a 2 year old too, I feel your pain. I took him to Barbados in January and while the travel was H-e-double hockey sticks, the rest was divine.
Relaxing and 2yo in the same sentence? Can I send mine for training lol? Bizarre, but mine loves going to the racetrack. There's horses to watch and on the weekend they have kids/family activities - bounce house, pony rides, face painting, etc. More of a daycation.
I have heard wonderful reviews on the all inclusive Beaches/Sandals resorts.