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We present Bayesian Analysis for Nearby Young AssociatioNs II (BANYAN II), amodified Bayesian analysis for assessing the membership of later-than-M5objects to any of several Nearby Young Associations (NYAs). In addition tousing kinematic information (from sky position and proper motion), thisanalysis exploits 2MASS-WISE color-magnitude diagrams in which old and youngobjects follow distinct sequences. As an improvement over our earlier work, thespatial and kinematic distributions for each association are now modelled asellipsoids whose axes need not be aligned with the Galactic coordinate axes,and we use prior probabilities matching the expected populations of the NYAsconsidered versus field stars. We present an extensive contamination analysisto characterize the performance of our new method. We find that Bayesianprobabilities are generally representative of contamination rates, except whena parallax measurement is considered. In this case contamination rates becomesignificantly smaller and hence Bayesian probabilities for NYA memberships arepessimistic. We apply this new algorithm to a sample of 158 objects from theliterature that are either known to display spectroscopic signs of youth orhave unusually red near-infrared colors for their spectral type. Based on ouranalysis, we identify 25 objects as new highly probable candidates to NYAs,including a new M7.5 bona fide member to Tucana-Horologium, making it thelatest-type member. In addition, we reveal that a known L2{\gamma} dwarf isco-moving with a bright M5 dwarf, and we show for the first time that two ofthe currently known ultra red L dwarfs are strong candidates to the AB Doradusmoving group. Several objects identified here as highly probable members toNYAs could be free-floating planetary-mass objects if their membership isconfirmed.

BANYAN. II. Very Low Mass and Substellar Candidate Members to Nearby, Young Kinematic Groups With Previously Known Signs of Youth