This paper examines the operating modes of a two-bladed wind turbine structural model. Because of the gyroscopic asymmetry of its rotor, this turbine’s dynamics can be quite distinct from that of a turbine with three or more blades. This asymmetry leads to system equations with periodic coefficients that must be solved by the Floquet approach to extract the correct modal parameters. A discussion of results is presented for a series of simple models with increasing complexity. We begin with a single-degree-of-freedom system and progress to a model with seven degrees-of-freedom: tower fore-aft bending, tower lateral bending, tower twist, nacelle yaw, hub teeter, and flapwise bending of each blade. Results illustrate how the turbine modes become more dominated by the centrifugal and gyroscopic effects as the rotor speed increases. Parametric studies are performed by varying precone angle, teeter stiffness, yaw stiffness, teeter damping, and yaw damping properties. Under certain levels of yaw stiffness or damping, the gyroscopic coupling may cause yaw and teeter mode coalescence, resulting in self-excited dynamic instabilities. Teeter damping is the only parameter found to strictly stabilize the turbine model.