With HLS, you can’t reduce latency to 1 to 2 seconds. The Wowza Player requires at least 6 seconds of chunks for playback. With HLS, you can get as low as 6 to 8 seconds.
Try the instructions in this video we just posted @DFN VC to get it down to 6 sec.
Otherwise, your next best option is our ultra low latency option for a single bitrate stream at about 2 seconds latency and it uses the WOWZ protocol with an HLS fallback option.
You also have WebRTC as an option for maybe close to 1 second latency, but a bit more complex workflow: