NRS Endurance Kayaking jacket (pullover) about $60.
neoprene neck and wrist cuffs so water doesn't go anywhere, very breathable, very waterproof, lots of arm mobility.
Bare-bones and simple. I like it in the kayak and on the bike.
Here's this year's version: http://www.nrsweb.com/shop/product.a...61&deptid=2018
my much older one has the chest pocket that you have to pay extra for these days...



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Here's the yellow version: 
OK, must be honest, since changing my pedals to DMR's I have had to wear trainers.
. It's seen enough rain that its waterproofing is only good for about three hours these days, but that's something that will happen to any jacket in the end and your commute probably isn't as long as that anyway.
