It depends on how early or how late the NAZI's gain or regain control of the European mainland. If it is before 1944, the Luftwaffe will still be a force of piston fighter planes with almost all of its bomber force being two-engined light to medium bombers. If it is before 1942, Germany will not have experienced the massive raids of four-engined British and American strategic bombers, so it will probably feel no need to 1) keep a large point-defense fighter force or 2) develop a strategic bomber command on its own. After 1942, it will probably put most of its efforts into developing strategic bombers (probably giving the highest priority to the Heinkel 177, possibly even consider a four-engined variant) and home-defense fighters eg. put lots of enegry into more powerful variants of the Focke-Wulf 190 and develop the He.217 into a radar interceptor.
If the victory comes after the introduction of jet and rocket fighters, be ready for the Luftwaffe to first take a deep breather while they iron out the flaws of their 'wunderwaffen' who by all accounts were rushed into service before they were completely ready for it. In the meantime, prepare for the existing aircraft like the Me.109 and Fw.190, the Ju.88, He.219 and Me.410 to be continually developed further up to a version Q or T instead of the 1945 versions G and H. Something tells me that the old Heinkel 111 will still be around, at least until the first jet bombers become really operational (and not just a few test squadrons where more aircraft are lost in accidents then through enemy fire.) Eventually, the first new jet fighters will arrive and eventually replace the pistons, but in the meantime, expect the Me.109 to have a production run at least as long as the P.51 Mustang or F4U Corsair did OTL.
Ah, yes, rocket development will still continue. Only now it will be done mainly through the army who will see rockets as a viable alternative to long range guns.