Let $m$ be a non-zero integer and $f: \operatorname{Spec}\mathbb{Z}[T_1,T_2]/\langle T_1T_2^2-m\rangle \to \operatorname{Spec}\mathbb{Z}$.
Why is the generic fiber $\operatorname{Spec} \mathbb{Q}[T_1,T_2]/\langle T_1T_2^2-m\rangle=\operatorname{Spec}\mathbb{Q}[T_2,\frac{1}{T_2}]$?
Suppose that, instead of $\mathbb{Q}$, we have $\mathbb{F}_p$. What are the conditions according to which $X_p$ is integral?
Here is an answer to your first question:
Note that the morphism $f$ is induced by the injective homomorphism $$\mathbb{Z} \to \mathbb{Z}[T_1,T_2]/(T_1 T_2^2 - m).$$ As MooS wrote, the generic fibre of $f$ is given by those prime ideals of $\mathbb{Z}[T_1,T_2]/(T_1 T_2^2 - m)$ that restrict to $(0)$ in $\mathbb{Z}$. These are precisely the prime ideals of the localization $(\mathbb{Z}\setminus \{0\}) ^{-1}(\mathbb{Z}[T_1,T_2]/(T_1 T_2^2 - m)) = \mathbb{Q}[T_1,T_2]/(T_1 T_2^2 - m)$.
For the second part of the first question it suffices to construct an isomorphism between $\mathbb{Q}[T_1, T_2]/(T_1 T_2^2 - m)$ and $\mathbb{Q}[T_2, 1/T_2]$. For this, consider $$\mathbb{Q}[T_2, 1/T_2] \to \mathbb{Q}[T_1,T_2]/(T_1 T_2^2 - m)$$ defined by sending $T_2$ to the class of $T_2$. Note that this is well-defined, since the class of $T_2$ in $\mathbb{Q}[T_1, T_2]/(T_1 T_2^2 - m)$ is invertible with inverse the class of $T_1 T_2/m$.
Conversely, consider the $\mathbb{Q}$-homomorphism $$\mathbb{Q}[T_1,T_2]/(T_1 T_2^2 - m) \to \mathbb{Q}[T_2, 1/T_2]$$ defined by sending the class of $T_2$ to $T_2$ and the class of $T_1$ to $m/T_2^2$ (by definition this is well-defined).
These two homomorphisms are inverse to each other.