In my opinion, the original is the better game. IWD2 is generally praised for its implementation of the 3rd edition D&D rules and other improvements and changes to the Infinity Engine, which I completely agree with -- the switch to 3E rules, especially, was great and gave players a ton of flexibility and the game a fresh, more modern feel overall -- but the game itself is not as polished, coherent and well-paced as its predecessor.
Josh Sawyer, IWD2's Lead Designer, has actually been very open and honest about the project and what he thinks was the cause of its flaws (the fact that they were initially given a
very short development timeline). Here's an interesting quote from a thread on the Obsidian Entertainment forum:
A lot of the coherency issues came to light relatively late in the project, when we started doing extensive playthroughs. By that time, we could recognize that there were problems, but we didn't have time to overhaul the areas. For example, Targos and Shaengarne and the Ice Temple all feel very different and had many different problems during the course of development. It probably would have taken a long time to get those three areas to feel "right" and to better establish the story and characters in them.
Source