Ron,

It will cost you the same to exercise the warrant today or two years from today - that is the strike price. Why would you want to tie up that money for 2 years or so when you could at the least be earning interest on it?

Another consideration - what if you exercise now, and in the remaining 2 years, the stock drops below the strike price. Now you're out the premium on the warrant and the loss of stock value. If you had just held the warrant and it expired worthless, you're just out the premium.

As baba stated, generally the only time it might be advantageous to exercise early is with a dividend paying stock - so you can collect the dividend.