FEZ II was a sequel to FEZ. It was initially announced on June 13th 2013 only to be cancelled on July 27th 2013. Phil Fish (the main developer behind FEZ and FEZ II) cited the primary reason to be general dissatisfaction with the gaming industry. Another primary factor was the treatment he received from a twitter member, causing him to ultimately quit his career, leaving the gaming industry altogether.
This one teaser is the only thing we know about FEZ II.