Fluorescence correlation spectroscopy (FCS) is a primary tool in the time-resolved analysis of nonreacting or reacting molecules in solution, based on fluorescence intensity fluctuations. However, conventional FCS alone is insufficient for a complete determination of reaction or mixture parameters. In an accompanying article, a technique for the computation of artifact-free higher-order correlations with microsecond time resolution was described. Here, we demonstrate the applications of the technique to analyze the systems of fast and slow reactions. As an example of non- or slow-reacting systems, the technique is applied to resolve two component mixtures of labeled oligonucleotides. Next, the protonation reaction of fluorescein isothiocyanate in phosphate buffer is analyzed as an example of fast reactions (relaxation time <1 mu s). By reference to an (apparent) nonreacting system, the simple factorized form of cumulant-based higher-order correlations is exploited to remove the dependence on the molecular detection function (MDF). Therefore, there is no need to model and characterize the experimental MDF, and the precision and the accuracy of the technique are enhanced. It is verified that the higher-order correlation analysis enables a complete and simultaneous determination of the number and brightness parameters of mixing or reacting molecules, the reaction relaxation time, and forward and reverse reaction rates.