In my opinion and experience so far, when it comes to german silent horror flicks, Faust from 1926 is the one to watch. It is brilliant in many ways, definetly something everyone should check out. Beats even Nosferatu in my opinion!
"F.W. Murnau's telling of the classic German legend, 'Faust' is a masterpiece to behold. From both the technical and story standpoint, the film excels and despite being nearly eighty years old, Faust still stands tall as one of the greatest cinematic achievements of all time. F.W. Murnau has become best known among film fans for 'Nosferatu', but this is unfair to the man. While Nosferatu is something of an achievement; it pales in comparison to this film in every respect. Faust is far more extravagant than Murnau's vampire tale, and it shows his technical brilliance much more effectively. The story is of particular note, and it follows a German alchemist by the name of Faust. As God and Satan war over Earth, the Devil preaches that he will be able to tempt Faust into darkness and so has a wager with God to settle things. Satan sends Mephisto to Earth to offer Faust an end to the plague that is making it's way through the local population, and eternal youth, in return for Faust's soul..."
Link (you can download it legally) :
Faust