In multiaccess wireless systems, dynamic allocation of resources such as tr
ansmit power, bandwidths, and rates is an important means to deal with the
time-varying nature of the environment. In this two-part paper, we consider
the problem of optimal resource allocation from an information-theoretic p
oint of view. We focus on the multiaccess fading channel with Gaussian nois
e, and define two notions of capacity depending on whether the traffic is d
elay-sensitive or not, In Part I, we have analyzed the throughput capacity
region which characterizes the long-term achievable rates through the time-
varying channel. However, the delay experienced depends on how fast the cha
nnel varies. In the present paper, Part II, we introduce a notion of delay-
limited capacity which is the maximum rate achievable with delay independen
t of how slow the fading is. We characterize the delay-limited capacity reg
ion of the multiaccess fading channel and the associated optimal resource a
llocation schemes. We show that successive decoding is optimal, and the opt
imal decoding order and power allocation can be found explicitly as a funct
ion of the fading states; this is a consequence of an underlying polymatroi
d structure that we exploit.