If you have records with multiple spaces this will fall down. There's an optional second argument to string.split to limit the number of splits performed:
SPLIT1 = !ORIG_FIELD!.split(" ", 1)[0] #0 being the 1st word
SPLIT2 = !ORIG_FIELD!.split(" ", 1)[-1] #-1 being the last word
And then you may only have one token, in which case you can use a conditional variable to rightly leave the second field as blank (otherwise, [0] and [-1] will be pointing to the same index in the list, meaning both fields are populated with the same value). So a more refined version would be:
SPLIT1 = !ORIG_FIELD!.split(" ", 1)[0]
SPLIT2 = !ORIG_FIELD!.split(" ", 1)[1] if " " in !ORIG_FIELD! else ""