The second version of the Microsoft IoTEdge solution is now available as Public Preview. In this version, you can run predefined modules like Modbus, build your own modules, deploy Azure Machine Learning modules, deploy Azure Functions and you can deploy Azure StreamAnalytics jobs.
The concept is pretty simple, as always you have to create an ASA job, define inputs, outputs and a query. But this time the ASA will run on a local device:

Microsoft provides documentation here and here explaining how to deploy your ASA modules. Let's dig a bit deeper into it.
Read the full blog here
Check out the 'Edge' hosting environment
Our ASA job is just defined in Blob storage
ASA telemetry is arriving, complete with specific properties