The second round was played Saturday morning after all action was wiped out on Friday. Over an inch of rain flooded Valderrama on Friday and high winds knocked down leaderboards and trees throughout the course.
The third round began while the leaders finished their second rounds. There is little chance that the field will complete the third round on Saturday so the plan is for the final groups to finish their third rounds on Sunday, then polish off the 72-hole tournament in the afternoon.
Jacobson posted a five-shot lead at one point during the second round but a pair of bogeys in his last four holes, coupled with five back-nine birdies by Rodiles, closed the gap to two.
Rodiles carded a 3-under 69 Saturday.
Anders Hansen, who was alone in second place following Thursday's opening round, struggled to a 1-over 73 and is alone in third place at 5-under-par 139.
Greg Owen fired the lowest score in the second round with a 5-under 67. He is in fourth place at minus-4, followed by Sergio Garcia, who shot a second-round 71 to take fifth at 2-under-par 142.
John Bickerton (72) is the only other player in the field under par as he is sixth at minus-1.
Colin Montgomerie, who shared the title last year with Bernhard Langer as the two decided on a tie after their playoff ran into darkness, is tied for 10th place at 1-over-par 145. Among the notable players who are tied with the seven-time Order of Merit champion are two-time Masters winner Jose Maria Olazabal and six-time major winner Nick Faldo.
The Volvo Masters Andalucia is the final event on the 2003 European Tour schedule. It is reserved for only the top-60 on the Order of Merit but three players (Order of Merit winner Ernie Els, Retief Goosen and Peter Lonard) passed on the invite.