The interpretation of the polarized absorption spectra of ferrous iron in olivine (Burns, 1970a, b) has been based on pseudo-trigonal symmetry of the M(2) sites and pseudo-tetragonal symmetry of the M(1) sites. This analysis is shown to be faulty, and an alternative explanation is provided which is based on C2v symmetry. Polarized spectra have been obtained of an olivine crystal at room and liquid helium temperatures covering the infrared, visible, and ultraviolet ranges from 200-45000 cm-1. Energy levels are calculated on a model which extends that used for enstatite in Part I (Runciman, Sengupta, and Marshall, 1973. The intensity ratios observed are discussed on the basis of mixing of the states involved with the lowest charge transfer state.