Jay Graydon, "Peg".
You're right, that's a brilliant solo. Not a single cliched lick in the whole thing. Just pure invention. If he improvised it on the spot, then I'm totally jealous. Gotta love his raggedy fuzz tone too.
When I think of the Reelin solo, I also think think of the Do It Again solo. It's another one that's about a hundred times smarter than the average rock guitar solo.