Actually I am working on Master to Master Replication MySQL on Windows Server 2008. My Master 1 is not able to connect with Master 2 whereas Master 2 is able to connect and it does telnet too. After some help from you guys, I figure out that in Master2, in my.cnf I have add Bind-address of master1. I added it and restarted MySQL services but it doesn't start and gives error. Because of it I am unable to replicate any thing from master 2 to Master 1, whereas I am able to replicate from Master1 to Master2.
For your reference, you can check my previous question also.