I did something similar to this in college, although it was in a Mustang. I didn't log any of it, since there was no legal way to log it, but it's a great way to build experience in the "real world."

Problem is he is not type rated in the jet, so he still can't be PIC as he is not rated in it even if he sole manipulator.

Very very nicely...:D

It is my understanding that an ATP can give training on the aircraft for which he is typed. with 61.55B you recieve the required training and I assume he is flying on a single pilot waiver? I'm speaking in terms of the C550 as thats what I'm trained on, It is a two crew airplane but you are able to obtain a single pilot waiver. You can chose if you want to use this waiver or not so once you recieve the required training, your PIC simply choses not to use his single pilot privlages on legs and bam you are flying SIC on a required two crew airplane. I went through this and the local FSDO and Simuflite never batted an eye at it. With that said, the pilot I flew with that was single pilot rated and was just that. He didnt need me and I was in the way more than I was help (in most cases). Keep your eyes open and be open minded because once I got an actual job and was in a "crew" enviroment it was a whole other ballgame. You can learn a lot but it can also teach you bad habbits if you let it. good luck and blue skies.

That is true, but the op asked if there was a way to log PIC or SIC as sole manipulator of the flight controls. Ask the PIC to wear the hood, and you don't have to touch a thing and can still log the time.

[mod note]

These questions are often tough to sort out and can also lead to serious problems later on if you choose poorly. I started a sticky list of these threads that can be quickly accessed here-

Sticky: Helpful SIC-logging threads

But you can't serve as safety pilot in an airplane you are not qualified to fly.