many reasons:
1. edo tensei
2. white snake mode (jiraiya doesnt have immunity in poisons like sasuke)
3. rashomon
4. the fact that they tied before he completed the edo tensei or thee chimera jutsu
Jiraiya would manage to enter sage mode with his summonings..... With the two sage frogs, he'd be a lot more powerful than orochi. But orochimaru would just never die.... draw