An open problem in polarization theory is to determine the binary operations that always lead to polarization (in the general multilevel sense) when they are used in Arıkan style constructions. This paper, which is presented in two parts, solves this problem by providing a necessary and sufficient condition for a binary operation to be polarizing. This (second) part provides a foundation of polarization theory based on the ergodic theory of binary operations which we developed in the first part....