I own and enjoy both of them. They're both wildly unique. Tetsuo II is not really a sequel, but a big color "re-make" (it's not identical, but it's the same idea, and there's no obvious continuity from Tetsuo I). Personally, I found Tetsuo II redundant after the first one, and either of them are hard to stomach for most people. But if you're into Cronenberg-type stuff, it may very well be your cup of tea. (Darren Arofonsky, who directed, Pi, claims these movies as a big influence - while they're different on a plot and script level, there are many stylistic similarities.)
The director (Shinya Tsukamoto) also made a powerful movie called TOKYO FIST, which may be my favorite thing he's done.
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