We demonstrate a unique solution to use a one-pulse control to achieve simultaneous two-channel all-optical demultiplexing that usually requires a two-pulse control or a two-step operation based on the conventional approaches. By applying a dispersion asymmetric nonlinear optical loop mirror (DA-NOLM) to introduce cross phase modulation (XPM) in both the clockwise (CW) and the counter clockwise (CCW) propagating branches, we have demonstrated reconfigurable, error-free 40-to-10 Gb/s two-channel demultiplexing (DEMUX) for OTDM OOK signals. Switchable operation between two-channel and single-channel DEMUX is also realized based on the proposed all-optical DEMUX configuration.