Relies upon PIL to parse the initial JPEG structure and then does its own TIFF/Exif parsing because PIL's isn't up to dealing with the "full" Exif structure; looks like it gives up after IFD0.
Only tested with the V1 camera module, but I expect it'll work with either model. There's lots of stuff in here which isn't as efficient as it could be and a fair bit of cruft, but it's only a demo :)
Ha! Went googling for "PIL extract thumbnail from EXIF" to see if anyone had figured out how to extract thumbnails from PiCamera's output and ... erm ... found I'd figured out how to do just that and had totally forgotten I had. Really ought to add this to the docs ...