Well, from the title, it seems that there's a person who is taking it easy, or 'chillin', in a world that is not our own. The 'level 2 light novel' bit is a bit of a mystery. It might be that the world they are in is shaped by the ideas in a level 2 light novel. For example, the rules of magic, the social structure, or the types of creatures could be based on what's in the light novel. It could also be that the character is actually inside the story of the light novel, living out their days in that fictional world.
It could be about a story where the protagonist is relaxing or 'chillin' in a different world while a level 2 light novel might be involved in some way. Maybe it's a story that revolves around the adventures in this other world which are somehow related to the concepts or plot of a level 2 light novel.