Tough one for me, I have respect for both of the two and their feats, but I'd have to say Oro. Back then in part 1 he tanked Tsunade and Jiraiya, with no arms if I remember correctly. His stamina and toughness are just ridiculous. Plus, they both went up against 4 tails naruto..they both weren't at full strength, but I'd say Oro managed much better then Jman did.
Alright you clearly need to freshing your memory.
Fights with Orochimaru & Jiraiya (In order):
Orochimaru vs Hiruzen Sarutobi: This fight was incredible, Orochimaru displayed his Edo Tensei abilities and much more. Though Hiruzen Sarutobi defended himself against Orochimaru and 1st & 2nd Hokage and took down both Hokages and almost killed Orochimaru in his old age.
-Orochimaru is skilled but clearly strong... but Hiruzen surpasses him, only because of his old age-
Jiraiya vs Orochimaru (Tsunade): This fight was quite uneven, Orochimaru was unable to use his arms (had Kabuto with him) while Tsunade was healthy and Jiraiya was
drugged Jiraiya was unable to use his full potential because of the drug, and Jiraiya needed to defend his comrades before fighting Orochimaru head on. The fight though went for Jiraiya and his teammates victory after Naruto smashed down Kabuto and Orochimaru had trouble fighting both Tsunade and Jiraiya at once.
-This fight didn't really show much, only that Tsunade & Jiraiya together is enough for Orochimaru (no new feats)-
Jiraiya - Orochimaru vs 4 tails Naruto:
Orochimaru: Showed quite the jutsus in his arsenal fighting Naruto head on.... and defended against it quite easily... but if the fight went on Orochimaru would have lost since Naruto would probably have gone into a more powerful state, and Orochimaru's defense fell against 4 tails beast bomb.
Jiraiya: Well it was never showed and Jiraiya didn't fight the beast, he tried to teach Naruto how to control it, which means he didn't want to hurt him and wasn't prepared for a fight.
Orochimaru vs Sasuke: Orochimaru was clearly greatly weakened because of his body giving up... that is the reason sasuke was capable of defeating Orochimaru... Orochimaru's abilities at the time was way above sasuke's abilites and would probably have won if it wasn't for his weakened state and plot no jutsu.
Jiraiya vs Pein: Now this is the most interesting fight, Jiraiya's abilities was shown on a whole new level and probably still some of his abilities was not shown. But in this fight he clearly showed his abilities in strategy, traps, fighting and his ability to infiltrate and spy on an opponent.
He also showed he was clearly capable of facing Pein and if it wasn't for their shared link the 3 first peins would have been dead the first moment they got on the field.
Also Ma & Pa clearly had the great advantage against Pein with Genjutsu and so many other abilities. Jiraiya killed 3 peins (1 pein twice) and he was still capable of standing his ground with 1 hand, though he knew it was over and he forced himself back to life after his defeat and gave a final message to Konoha which was the final link to defeating Pein.
Now for their Feats:
If we look at both Shinobi's feats they are both Incredible and well rounded in all abilities and we probably didn't even see all their abilities since they only used what they though was necessary in their fights.
Conclusion: If we look at their fights and abilities and feats they have shown i have come to this:
Feats: Jiraiya (Orochimaru very close)
Abilities shown: Jiraiya-Orochimaru (kinda even)
Hype: Jiraiya (But just barely)
In my view Jiraiya is above Orochimaru but not by much...