Depends. Are the two applications related? Even if they are, I would still create separate databases. A little more maintenance but well worth it in the long term from a DBA persective and data perspective.
For example, if data is corrupted for one application, it doesn't affect the other data.
Hope this helps...
Scott Klein
Author - Professional SQL Server 2005 XML
http://www.wrox.com/WileyCDA/WroxTit...764597922.html