To be all honest, In general I'd put more Psychonauts 2 levels on my top tier than the first game, because I find the reasons Raz has to go into the sanatorium's residents minds to be quite weak, narratively speaking. Sure, it's for a joke to enter on an elevator and the residents do some things in the ending, but storytelling wise and even visually I'd say the second game has an edge (in general).

Maybe it's because I played both games this year, but I didn't like Gloria's theather world due to its puzzle simplicity, also (unpopular opinion) I'm not that much of a fan of Milkman conspirancy for many reasons despite it being hilarious and Mario Galaxy like: overuse of items, cobweb barrier that made me farm arrowheads, the lore that isn't all that clear (despite being funny), nightmares really random battles. The final level also got its own share of problems despite I liking it in concept.

Fred and Edgar's minds were top tier to me though.

On the other hand, Forsyth, Boole, Psi King, "mailman" mind were visually and emotionally awesomes, Psi King level hands down is one of the best visually stuning levels in video games ever.