From 26/03/2014, I will no longer be updating this post as I no longer have the device and Motorola won't be upgrading the device further. Please instead of sending me PMs, go to the Q&A board or post your comment on this thread.
Note: This method will not work on Windows 8. Only Windows XP, Vista, 7, Linux and Mac OS X is supported.
Root Method - Honeycomb
1. Download the Windows version here, or the Linux/OSX version here.
2. Your Computer must have Motorola Drivers installed before rooting and connect your device with debugging on to your computer via USB. (Mac Users don't need drivers)
3. Extract the zip file from the download link, and run “run.bat” (on Windows) or “run.sh” from a terminal (on Linux/OSX)
4. Your device should reboot a few times during the process, don't worry.
5. Then you should see a finished message on the Root Method Window. At this point your device is safe to be removed from the computer.
7. As you are running Honeycomb if you are reading this then you should be receiving the ICS OTA soon. So lets backup your root so you can restore everything root after the upgrade (saves time). Download OTA Rootkeeper and backup root.
6. Well Done! You have root. Enjoy root and be safe.
Blog Post: Here
Root Method - Ice Cream Sandwich
1. Connect your Xoom2/Xyboard via USB to your Windows PC. Install Motorola Drivers from here.
2. Under Settings > Developer Options > Hit the "Enable USB Debugging" selection.
3. Download the Root Installer from here. (Says for Droid RAZR but also works on Xyboard and Xoom 2]
4. Unzip the download.
Waring: DO NOT proceed if you are inexperienced. bootstrap is messy and is only needed once we have ROMs cooking. All questions about the recovery ask in the developer thread.
1. Install the Bootstrap APK file.
2. Allow Superuser Powers.
3. Read the instructions which is displayed on the user interface.
5. You will now see a splashscreen after you reboot (before boot animation), here you can decide if you want to enter recovery or continue with boot.
-Method Under Constuction-
Unroot or temporary unroot
Temp Unroot - If you need to unroot for any reason and come back at any time, then install OTA Rootkeeper and then select the option "temp unroot). This will remove root without restarting and you can restore by a touch of a button.
Full remove of Root - If you want to complety remove root all together, if you need to send in your device for repair or trading your device. Install Ginger Unroot and continue with the onscreen instructions. This application has confirmed to work on the Xoom2/Xyboard.