OK, complete stranger here attempting to answer a DIY question in the Basic Forum.
I'm going to make a couple of assumptions here as we don't have a lot of info to go on, so we'll go with the info that we do have. First assumption is that you have a slight freeflow; i.e. air is leaking into the second stage un-demanded. If you have water leaking into the second stage causing it to breathe wet, that is a different issue.
If you don't have an IP gauge we move on to the next assumption: The octopus is not having the same problem. That should rule out a problem with the IP (intermediate pressure-that's the pressure delivered from the first stage to the second stage.) However, we said "should" but let's take it one more step. Remove the discrepant second stage and it's hose from the first stage and plug that port. Hook it up to a tank and wait. Does the octopus now free flow? If yes, you most likely DO have a problem with the first stage and game over until you know more about regulators-take it in for service. If no, then remove the hose from the second stage (use two wrenches) and shine a light into the second stage barrel. You'll see either a hex (allen) key hole or a slot for a screwdriver. Insert the proper tool and while holding the purge give the screw (inlet orifice) a slight turn clockwise. As described in the regulator bible if it were a clock advance it one hour. Hook everything up again and retest. If OK-you're done; if not OK give it another 1/12th turn. Repeat 4 times maximum and report back.
I hope this helps,
Couv