So I'm playing through the first Screamer right now and one of the best things that I like about it so far is the awesome sountrack, many thanks to the GOG team for including it in the game extras. I love the Funky Rock feeling of the game.

How does Screamer 2 compare to the first game? is it better? if yes, in which ways?

Also: how well does Screamer 2 hold up in the soundtrack department?

I found that Screamer 2 is much harder than the first game though the handling of the cars is more credible than in Screamer.
Other than that it has nicer graphics with a bit less popup, but only four cars to choose from, all in all it has the same feel as Screamer, still I like the first game better.

Yeah the music in Screamer is pretty good, Screamer 2 has a typical 90's videogame techno soundtrack that didn't really appeal to me.

Do you know who composed the tracks? Found nothing on Mobygames...

As far as I know, the music was composed by Alistair Brimble.