For the 2x2 widget, it looks like underneath the icon and number of reminders, there is a small space, then an area used for icons of anybody the list is shared with, then the name of the list, then room for one reminder item.
I think the idea is just to give you a quick glance of the next item on your list, and a shortcut to get into the reminders.
The 4x4 widget will show you 6 items and a count of how many more are on the list. Alternatively, other task/calendar apps may show you more in the 2x2 widget. But even the Calendars 5 2x2 widget only shows 2 items in a list, leaving room for the list title, and a "+XX more" counter.