How to encode to BINK 2?

Hello, I’m trying to use the new BINK video decoding plugin that became free in Unreal Engine 4.27; however, the plugin only opens “bink 2” videos, but the encoding tool available in their website only encodes using the codec “bink 1”, as you can see in the screenshot below:

So, how do I encode and create Bink 2 videos?

(I’m also trying to reach the team by email, but their support are incredibly terrible, it seems we are annoying them with this type of questions.)

It’s in /Engine/Binaries/ThirdParty/Bink in 4.27.1.

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How to create bink2 video + bink audio 1.1?
Switch /V201 does not work.