  (Abridged) We present the earliest optical observations of the optical
counterpart to the GRB 010222, obtained with the FLWO 1.2-m telescope in UBVRI
passbands, starting 3.64 hours after the burst. We also present late R-band
observations of the afterglow obtained with the 1.8-m VATT ~25 days after the
burst. The temporal analysis of our data joined with published data indicates a
steepening decay, independent of wavelength, asymptotically approaching
t^{-0.80+/-0.05} at early times (t << 1 day) and t^{-1.30+/-0.05} at late
times, with a sharp break at t_b=0.72+/-0.1 days. This is the second earliest
observed break of any afterglow (after GRB 980519), which clearly indicates the
importance of rapid multi-band follow-up for GRB afterglow research. The
optical spectral energy distribution, corrected for small Galactic reddening,
can be fit fairly well by a single power-law with a slope of -1.07+/-0.09.
However, when we fit using our BVRI data only, we obtain a shallower slope of
-0.88+/- 0.1, in excellent agreement with the slope derived from our
low-resolution spectrum (-0.89 +/- 0.03). The spectral slope and light curve
decay slopes we derive are not consistent with a jet model despite the presence
of a temporal break. Significant host dust extinction with a star-burst
reddening law would flatten the spectral index to match jet predictions and
still be consistent with the observed spectral energy distribution. We derive
an opening angle of 2.1 deg, smaller than any listed in the recent compilation
of Frail et al. The total beamed energy corrected for the jet geometry is
4x10^50 erg, very close to the ``standard'' value of 5x10^50 erg found by Frail
et al. for a number of other bursts with light-curve breaks.
