Jiraiya wins. Those who say Jiraiya needs time for sage mode. ok true. then jiraiya summons his 3 giant toads to stall. Gamabunta. The clumsy. and the Two Sword Toad
Jiraiya is a sannin I'm pretty sure he never lost or will lose to an opponent while activating SM. he's smart. Plus, jiraiya is a fire and earth user. he used one of his Earth techniques on orochimaru to trap his snakes in mud. im also sure he has other Earth techniques up his sleeve. earth > water
Also, jiraiya can take objects into his toad's stomach. just like he did to pain's dogs.
Needle jizo works as a stall too
Soo those who say kisame wins because he wont allow jiraiya to turn SM. sorry Ero sennin takes this