I guess that in Wαβ the indices i and j are here but not written and are contracted in W2 in the same way that in the first W2. So I can forget these indices in what follows.
I will show that the two W2 are the same if we have the relation
Wμν=12Wαβ(σμ)α˙α(σν)β˙βε˙α˙β
which is the same thing suggested by the first equation of the question up to the factor 1/2. I don't know if this factor is relevant. Given this relation, we have
WμνWμν=14WαβWα′β′(σμ)α˙α(σμ)α′˙α′(σν)β˙β(σν)β′˙β′ε˙α˙βε˙α′˙β′.
Now the key point is the identity (*) (σμ)α˙α(σμ)α′˙α′=2εαα′ε˙α˙α′. Using (*) and the analoguous relation with the α's replaced by the β's, and simplifying the ϵ's (we have ε˙α˙α′ε˙α˙βε˙β˙β′ε˙α′˙β′=1), we obtain
WμνWμν=WαβWα′β′εαα′εββ′.
Proof of (*): the identity (*) is a part of a large class of identities generally referred to as Fierz identities. These identities are all consequences of the fact that the four matrices σμ are a basis of the four dimensional vector space of two by two complex matrices. See for example this question:
http://www.physicsoverflow.org/17763/how-does-one-prove-fierz-identities?show=17763#q17763
Using σ0=1, Tr(σi)=0, and Tr(σiσj)=2δij for i,j=1,2,3, we find that any two by two complex matrix M can be written M=12Tr(M)1+12Tr(Mσi)σi. Applying this to M being the matrix Mα˙α(β˙β)=δαβδ˙α˙β (the matrices M(β˙β) form a natural basis of the space of two by two complex matrice) gives
δαβδ˙α˙β=12δβ˙βδα˙α+12(σi)˙ββ(σi)α˙α. Therefore,
−(σi)˙ββ(σi)α˙α=δβ˙βδα˙α−2δαβδ˙α˙β.
In signature (+---), we have (σμ)α˙α(σμ)˙ββ=δβ˙βδα˙α−(σi)β˙β(σi)α˙α. Combining with the previous equality gives
(σμ)α˙α(σμ)˙ββ=2(δβ˙βδα˙α−δαβδ˙α˙β)=2εα˙βε˙αβ, hence (*).