According to AOPA CJ is correct.

http://www.aopa.org/members/files/topics/pic.html

Any Pilot that is rated for the aircraft, meaning ASEL if the plane is
single engine land, can log PIC time for the time he is sole
manipulator of the controls. This is true whether or not he has a
current medical, BFR or, if the plane meets the criteria, the
endorsements required for high performance and/or complex aircraft.
However, there must be a pilot in the plane that DOES meet all the
requirements for the plane being flown.

Typical FAR's...clear as mud!

Chris

Bob Moore wrote:
"cjcampbell" wrote

Pilot 1 logs PIC as sole manipulator of the controls. Pilot 2 logs PIC
as a required crewmember acting as PIC. Pilot 2 could not log PIC if
pilot 1 was current because then pilot 2 would not be a required
crewmember.

BS! CJ....The certification of the a/c does not require two pilots
and the rules under which it is operated do not require two pilots.
Pilot 2 logs NOTHING.

Bob Moore