I use an automated luminosity mask blending technique using PS2 which I think has a similar effect on noise.
I use it with several exposures, however, as I use it to create extended dynamic range images, rather than using it just to remove noise in shadow areas.
I'm not sure if it will work with only two exposures, however - Glijik's technique looks a lot more sophisticated behind the scenes.
I'll bet there are folks here who could improve this technique with their "Blend if..." expertise.
Anyway, here it is for Photoshop:
How to do Automated Luminosity Masking
1a) Open up the two images to blend. If you have a bunch of the same scene using a tripod, and want a blend using the whole dynamic range, it is better to make multiple blends, each of exposures *not too far apart from each other*
1b)Using move tool, SHIFT-left click to drag darker image onto lighter image
1c) Minimize the 1st dark image
2) Important - - verify alignment by Layer window ( where you see the layers, layer masks, etc) options list - Use Difference mode. Zoom in is best, so that you can move image by pixil at a time using arrow keys. -> be sure to set Layers Mode back to normal when done!
3) ALT-left click on eye icon on background ( lower) layer. The picture should become lighter.
4) CONTROL-SHIFT-ALT- ~ ( tilde key) creates luminosity mask. Hit all four of these keys simultaneously. You should now see “marching ants” delineating the highlights.
5) ALT-click missing eye icon (hit the space where it used to be) on the upper layer. The picture should now turn very dark. i
6) Go to the main “LAYERS” menu at top of screen, , select “Add layer mask” and “reveal selection”. (Boom!)
to improve:
7) ALT-click on layer mask icon ( on original layer, to the right. This will be the upper layer of the two, and all the way tot he right)

Gaussian blur of about 3 pixils - apply. This should sharpen the pic. To check, zoom in, click ( not alt-click) on the layer thumbnail, to the left of the layer mask thumbnail.
To improve more:
9) again, click ( not alt-click), on the layer mask thumbnail to activate it. Open up the LEVELS box in the Adjustments section, and adjust blend using “Levels” adjustments. Basically slide the middle slider to the right to “blend” the relative contributions of the two pictures.