Ionic Polymer Metal Composite (IPMC) actuators have shown promise as miniature underwater propulsors due to their high flexibility, reduced weight, and low activation voltage and power consumption. In this second of two papers, we discuss numerical simulations of the flow of a viscous fluid generated by a two-dimensional cantilever IPMC actuator vibrating along its fundamental mode shape. We compute the thrust produced by the actuator as a function of its oscillation frequency and maximum tip displacement and show that it is correlated to vortex shedding. We find that vorticity production is prominent at the IPMC tip and increases as the oscillation frequency increases. We analyze the lateral force and the moment exerted by the IPMC on the surrounding fluid. Further, we study the power transferred by the vibrating IPMC to the encompassing fluid. The findings are validated via comparison with the experimental results presented in part 1 of this series.