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...