EMS Madara was inferior to the Sage Mode FRS. V2 Susanoo probably would've protected him more than likely as it tanked the Tenpachi from the Juubi pretty well. But I doubt EMS Madara would tank a FRS as he even stated in the manga that "That's a bit too much." He was implying that if he were to...
Personally Orochimaru would win. And here's why:
It is implied that Jirayai was more powerful in his youth than later years. While the Toad Sage traveled the world, writing novels and gathering information about Akatsuki,he probably got weaker with age. Orochimaru actually got better. He was...