The structure of approximate two electron wavefunction is deeply investigated, both theoretically and numerically, in the strong-field driven ionization dynamics. Theoretical analyses clarify that for two electron singlet systems, the previously proposed time-dependent extended Hartree-Fock (TD-EHF) method [Phys. Rev. A 51, 3999 (1995)] is equivalent to the multiconfiguration time-dependent Hartree-Fock method with two occupied orbitals. The latter wavefunction is further transformed into the natural expansion form, enabling the direct propagation of the natural orbitals (NOs). These methods, as well as the conventional time-dependent Hartree-Fock (TDHF) method, are numerically assessed for the description of ionization dynamics of one-dimensional helium atom model. This numerical analysis (i) explains the reason behind the well-known failure of TDHF method to describe tunneling ionization, (ii) demonstrates the interpretive power of the TD-EHF wavefunction both in the original nonorthogonal and the NO-based formulations, and (iii) highlights different manifestations of the electron correlation (effect beyond the single determinant description), in tunneling ionization, high harmonic generation, and nonsequential double ionization. Possible extensions of the NO basis approach to multielectron systems are briefly discussed.