What can you say about a film which is made up of 50% flashback footage from it's predecessor? Not much.
Ricky, the Santa killer's brother, goes on a rampage after the traumatic events of the first film. He recounts to a psychiatrist these events (some of which he remembers surprisingly clearly, considering he was only a baby) and then escapes to get revenge on the head nun from part 1. In between all of this, there are forty or so minutes of flashbacks.
This movie was pointless and poorly done. A decent film could have been made about Ricky following in Billy's footsteps, but this ain't it. They tried again with part 3 too (read my upcoming review to see how that turned out). The acting is hilariously bad ("Garbage Day!"), especially by the actor who played Ricky. I won't bother mentioning his name here (don't worry you've never heard of him) because there's just no point. But I will mention that this dude has a serious case of "over acting eyebrows". Watch the film to see what I'm talking about. Or better yet, don't. Even the commentary by the film's director, one of the actors and some other guy basically just points out how bad it is, with the three frequently bursting out laughing at key scenes.