This is the second part of a two-part paper on optimal design of limited feedback single-user and multiuser spatial multiplexing systems. The first part of the paper studies the single-user system and this part addresses the multiuser case. The problem is cast in form of minimizing the average transmission power at the base station subject to the outage probability constraints at the users' side. The optimization is over the power control function at the base station as well as the users' channel quantization codebooks. The base station has M antennas and serves M single-antenna users, which share a common feedback link with a total rate of B bits per fading block. We first fix the quantization codebooks and study the optimal power control problem which leads to an upper bound for the average transmission sum power. The upper bound solution is then used to optimize the quantization codebooks and to derive the optimal bit allocation laws in the asymptotic regime of B . The pa...