Well you can create separate models over your database schema by eliminating the tables in each you don’t require. You can do this with either L2S or the Entity Framework. I'm guessing that’s not what you mean however. You would not be able to include entities from both models in a query.
What you Probably Want...
Most people what to do this for maintenance reasons; i.e. split the model into modular chunks. I've experimented quite a lot with this myself. There is an article here if your determined to persevere. Editing the verbose EDMX file manually
is currently very clumsy and error prone. If what your asking is the total extent of your desired split thats probably fine. If you've a larger schema with more splits you'll probably find it too painful.
This is clearly desirable functionality for many, and required for use against a typical Enterprise database. In the long run this will probably be fixed but for now my advice would be to work around the issue.
To be complete LinqToSQL does not support splitting a model in any fashion.