I think Lilies has a better mood/setting than its sequel, but Magnolia is absolutely fantastic and improves on almost everything else - and Lilies was already a damn good game. I finished it earlier this year and left a spoiler-free mini-review in one of these threads.

One thing worth mentioning if you’re coming from Lilies is that Magnolia is significantly easier on “Normal” difficulty, so if you prefer more challenging games you’ll probably want to up the difficulty.