Don't be of the mentality that if you don't work these holidays, you're absolutely fucking screwed. 95% of the time, that isn't true. I had my first idea stretch through my entire summer holidays of 2006 - 2007, wrote nothing during that break, then had another change of idea in mid-February, which lasted until my Viva Voce, and then another change of idea right after that. All in all, I didn't get a proper draft of anything done until sometime in early May, and then I had about 3.5 months to edit my work - which I did ferociously (i.e. showing up at the staffroom and lessons every week with some sort of a revised form of the MW) but consistently, and kind of at my own pace.
Tanzin's right when she says that you can/should use these holidays well; do something productive that contributes to EE2, not necessarily a draft. EE2's a sort of go-at-your-own-pace course, as long as you know the basic structure of things like due dates and assessments and can adjust your workload and outcomes to it.
Besides, everyone's different; people find they work more consistently if they have a shorter time-span in which to complete that work, whilst others prefer to be a little slower and more fluid in how they do their tasks. So it's up to you.