Method 2 is very similar to Method 1 except for one thing. This method retains all of the original image information using layer masks so that erasing can be reversed or edited later on. I won't use this method too often in my tutorials because it can come off as being over complicated to people just starting to use Photoshop, however, I consistently use this method for all of my illustrations. Anytime that you can save image information for use later on is always a good thing.
1. With the image open and the background unlocked (see Method 1), choose the "Layer Mask" icon at the bottom of the layers pallet. A white box will appear next the layer thumbnail in the layers pallet.
2. Make sure the mask is selected in layer then choose the "Brush Tool". Set the paint color to black and begin painting around the object. You will notice that the background will erase away. The mask works by using gray tones. Black on the mask will make the image transparent, while white paint will keep the image opaque.
3. Continue to erase the rest of the background. If you want to bring back part of the background, simply switch to white paint and paint the areas of the image you want to reappear.