directors cut ?

There's no director's cut available, but there is a producer's cut which was leaked. It includes some deleted footage, but not all of it (the entire masquerade party with the gambler cenobites is still missing). Also, being an incomplete cut, many of the special effects are unfinished, with missing inserts that are replaced by cards with text, and there's no music.

A re-created director's cut does indeed exist, sort of!

It's a fan-sourced composite version which takes the missing scenes from the workprint and the existing footage from the theatrical version blu-ray, and cuts it together to follow to the original shooting script. So while it wasn't literally cut together by director Kevin Yagher, it does follow the original script, and is therefore as close to the original vision of the film as we are ever going to get! Personally, I feel pretty comfortable calling that a director's cut.

Plus, since most of it is sourced from the blu-ray, with only the deleted scenes and shots being pulled from the workprint (pretty impressively cleaned-up given the rough source material, I must say), it looks the best it's ever going to, short of a real release. Here's the link to part 1 on youtube!

https://www.youtube.com/watch?v=SSpJu7f2sco


**However, I must give this one criticism of this version: in part 2, there's this extended portion of the past timeline that was never shot, and the person who assembled this director's cut decided to recreate the scenes in some Sims-looking programs, with voice actors reading the script... personally, I find it REALLY distracting, and it pulls me out of the movie, but I just skipped over that sequence and the film still worked just fine. I do commend their efforts and thoroughness, and I can see how some people would appreciate what they did... but I just didn't think it worked well. I ripped it off of youtube, cut the animated sequence out, and burned that to DVD to live on my shelf. That's my definitive version of the film!