The theoretical treatment in Paper I [D. W. Miller and S. A. Adelman, J. Chem. Phys. 117, 2672, (2002), preceding paper] of the vibrational energy relaxation (VER) of low-frequency, large mass dihalogen solutes is extended to the VER of the high-frequency, small mass molecular hydrogen solutes H2 and D2 in a Lennard-Jones argon-like solvent. As in Paper I, values of the relaxation times T1 predicted by the theory are tested against molecular dynamics (MD) results and are found to be of semiquantitative accuracy. To start, it is noted that standard Lennard-Jones site–site potentials derived from macroscopic data can be very inaccurate in the steep repulsive slope region crucial for T1. Thus, the H–Ar Lennard-Jones diameter σUV is not taken from literature values but rather is chosen as σUV=1.39 Å, the value needed to make the theory reproduce the experimental H2/Ar gas phase VER rate constant. Next, by MD simulation it is shown that the vibrational coordinate fluctuating force autocorrelation function 〈F̃(t)F̃〉0 of Paper I decays roughly an order of magnitude more rapidly for the molecular hydrogen solutions than for the dihalogen solutions. This result implies a relatively slow decay for the molecular hydrogen friction kernels β(ω)=(kBT)−1∫0∞〈F̃(t)F̃〉0 cos ω tdt, yielding for the H2/Ar and D2/Ar systems at T=150 K physical millisecond values for T1=β−1(ωl) despite the high liquid phase vibrational frequencies ωl of H2 and D2. The rapid decay of 〈F̃(t)F̃〉0 is due to both the steepness of the repulsive slope of the H–Ar potential and the small masses of H and D. Thus, the small value chosen for σUV is needed to avoid unphysically long T1’s. Next, an analytical treatment of the H2/D2 isotope effect on T1, based on the theory, is found to predict that the H2/Ar and D2/Ar T1’s are close in value due to the compensating effects of lower ωl but slower decay of 〈F̃(t)F̃〉0 for D2/Ar, a result in qualitative agreement with experiments. Applying the theory to numerically study the isothermal ρ dependencies of the VER rate constant k(T,ρ)=T1−1 at 150 K reveals that for both H2/Ar and D2/Ar, as for the solutions of Paper I, k(T,ρ) can be factorized as in the isolated binary collision (IBC) model. Moreover, the molecular theory and IBC rate isotherms differ only slightly for both solutions, a result interpreted in terms of the form of the H–Ar pair correlation function. The theoretical and experimental rate isotherms at 150 K are then compared. Agreement is very good for the H2/Ar solution, but for the D2/Ar solution the theoretical rates are about four times too large. Finally, the isochoric T dependencies of k(T,ρ) in the range 200–1000 K are found for both solutions to conform to an Arrhenius rate law.