Lately I noticed the 2d fret of the B string sounds like a sitar when I play. I'm told this is called "fretting out". Anybody know what I can do about it? This guitar is practically brand new
if you bought it new take it back and get it checked to have it set up properly,

otherwise just take it to a guitar shop to get it set up properly.
check the action. search for some videos on youtube.
You might be afraid of messing things up, but you will learn much more this way. Just do it yourself

My first guess is fret grooves. Not knowing how long you've had it...

Pull the string aside and look under it. If it's been played a few years, there's a good chance you have worn a groove in the fret underneath the string, so when you fret it the string is pulled a little lower than usual so it buzzes against the next fret up.

I would say maybe a high fret, but this would have shown up long ago unless it is a little loose and worked its way out of the slot over time. Not very common. If you don't see a fret groove, use a wooden dowel and a hammer to lightly tap it down a little tighter, that wil cure a high fret.

If it does have a groove, others probably have them too, it will need a fret leveling. IF you don't know how, take it to a good tech.

This link has a good write up, shows a good picture of what fret grooves look like too.

Hmmm...I wonder what this button does...