Unlike WinForms, you don't instantiate the next form like that. Essentially, your first two lines are incorrect for WebForms. The third line is where you want to focus your attention. You redirect the user to the second form, allowing the framework to take care of instantiating it.
This is because WebForms, despite being "forms", is still an HTTP web application and does everything through requests and responses. By issuing a redirect you are telling the client to abandon the current page and make a new request for the specified page.
There are a number of ways to send a value to this next page. You can store it in some persisted medium (such as a database), you can use session state, etc. Probably the simplest approach at the moment would be to include it on the query string:
Response.Redirect("~/webForm2.aspx?label=" + textBox1.Text);
Then in the next page you'd get the string from:
Request.QueryString["label"]
You may want to URL-encode the text value first, I don't know if Redirect() does that for you. Also keep in mind that this isn't a "secure" transfer of data from one page to the next, because the client has full access to modify values in the URL. So if this is in any way sensitive data then you'll want to look into other approaches. (Keep in mind that "sensitive" could be a relative term... The information itself might not be sensitive but you might be doing system-sensitive things with it on the next page, which we can't know from the code posted.)