We solve the loop equations of the $\beta$-ensemble model analogously to the solution found for the Hermitian matrices $\beta=1$. For \beta=1$, the solution was expressed using the algebraic spectral curve of equation $y^2=U(x)$. For arbitrary $\beta$, the spectral curve converts into a Schr\"odinger equation $((\hbar\partial)^2-U(x))\psi(x)=0$ with $\hbar\propto (\sqrt\beta-1/\sqrt\beta)/N$. This paper is similar to the sister paper~I, in particular, all the main ingredients specific for the algebraic solution of the problem remain the same, but here we present the second approach to finding a solution of loop equations using sectorwise definition of resolvents. Being technically more involved, it allows defining consistently the B-cycle structure of the obtained quantum algebraic curve (a D-module of the form $y^2-U(x)$, where $[y,x]=\hbar$) and to construct explicitly the correlation functions and the corresponding symplectic invariants $F_h$, or the terms of the free energy, in 1/N^2$-expansion at arbitrary $\hbar$. The set of "flat" coordinates comprises the potential times $t_k$ and the occupation numbers \widetilde{\epsilon}_\alpha$. We define and investigate the properties of the A- and B-cycles, forms of 1st, 2nd and 3rd kind, and the Riemann bilinear identities. We use these identities to find explicitly the singular part of $\mathcal F_0$ that depends exclusively on $\widetilde{\epsilon}_\alpha$.
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