What does it mean to "recognize Vatican II"?
To fully renounce Lefebvre's view and statements on it and to accept it as a council of the Church in the way Paul VI, John Paul II and Benedict XVI have described it without adding caveat or conditions or circumlocutions.
As this
article states:
Now that the excommunications have been lifted, the current point of doctrinal contention is the legitimacy of the Second Vatican Council and its teachings, which members of the SSPX do not accept.
The discussions currently underway, with meetings in Rome every two months, are attempting to resolve the canonical status of the priests and bishops, as well as of the lay faithful, who are a part of the society. Though they do not accept the legitimacy of the council, Fr. Murray stated, “The Lefebrvite faithful, by their own admission, recognize Pope Benedict XVI as a legitimate pastor of the church, but in practice, the failure to submit to the Pope and the bishops in communion is an obstacle to them being at full visible communion with the church.”
The Vatican is still holding talks with the SSPX, twice a month, to get them to adhere to what the Vatican wants. It is going nowhere, according to some SSPX members.
They currently accept it, in Feelay's words, as a "Historical fact".
The Vatican obviously wants more than that since the Holy See is firm they are not reunified and still suspended for their refusal to accept it as the Church does.
Basically they are going to have to fully renounce Lefebvre's views at the point of origin of the SSPX.