Another timer event will likely be queued, causing Timer1_Tick to be called again almost immediately after it returns. (IIRC, though, timer ticks are one of the lowest priority messages, so it'll probably handle any other messages it's had queued up to that point first, except maybe paint messages).
Note, if your function takes longer than 2 minutes to run, it's possible (read: likely) that only the latest tick will be in the queue.
If your tick processing takes longer than the timer interval, you should look into raising the interval. Either way, you should probably be doing the work in a background thread and making sure you don't start another thread if the last tick's task isn't done. Otherwise you could end up with hordes of threads all slowing each other down til your program collapses under its own weight.