If I've understood you correctly, the easiest method is to float the children. For example:
#one { width: 500px; height: 1%; overflow: hidden; background: red; }
#two { float: left; width: 250px; height: 400px; background: aqua; }
#two { float: left; width: 250px; height: 200px; background: lime; }
Setting a dimension (height/width) and overflow to auto or hidden on the parent element causes it to contain any floated child elements.
Note that overflow:hidden; can occasionally cause problems with content getting cut off, in which case you might want to try this alternative method: