Woods has already vastly improved on his performance at The Masters past year, where he was three-over par at after two rounds.
Golf's best worked their way to the top of the leaderboard at a Masters pregnant with possibilities.
He was 7-under for the day through 15 holes which put him two shots behind the leaders. Canadian Corey Conners enters Round 3 at 3-under par.
Will Tiger Woods end his major championship drought?
However the South Australian missed a short par putt on the par-three 16th - the bogey dropping him back into a tie for the lead at seven under alongside Day.
"This is really stacked", Scott said. "I like that it's going to be windy and tricky".
Woods brought the roars back to the famed venue with a brilliant four-under-par 68, putting himself on track for a fifth Green Jacket.
"So I can live with that", said Woods.
He briefly held the lead Sunday in the British Open.
Being one shot off the lead, he was one of the final few pairings to go off on Saturday.
But that's not just anyone he's trailing.
Any other time, a hobbled Day might have might have been the story after getting up off the deck to shoot five-under 67.
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After all, the original film did include an entire song devoted to explaining the very backstory Summer Nights purports to tackle. The soundtrack to the original Grease film was also a roaring success with over 38 million copies sold worldwide.
Can either make some serious headway in the second round?
In five previous Masters appearances, Spieth has never been worse than 10th through two rounds. I've been making the birdies and doing the things that you need to do around here. "I'm just in too much pain".
When play resumed Woods, who later said he was a little bit stiff as he started swinging again, failed to convert the birdie as his putt curled around the left edge of the cup. No one who has covered the Masters for years can remember anything quite like this happening.
Here he is, with a lot of company. "This is the best players in the world on the biggest stage that we all want to be in so badly".
But it almost all came undone on the 14th after he found himself deep in the pine trees following a wild drive off the tee. The shot was pure, hooking around the pines to the green.
Woods hopped out of the way, winced and repeatedly flexed his ankle, and then poured in another putt.
After hitting a fantastic approach shot from deep in the rough after a wild, hooking tee shot, Woods - and a packed viewing gallery - raced out to check on the ball's progress.
The delay lasted only 29 minutes.
One hole earlier, a pinpoint chip to set up birdie had drawn with one shot. But he made it up for them with a couple of long birdie putts, and he had no complaints with his position.
"After three knee surgeries and four back surgeries, I'm great", Woods said."I was just very patient today, felt very good to be out there doing what I was doing".
Mickelson stumbled to a 73 but still was only three shots behind. The Italian played a bogey-free round, finishing with a 67.
The Queenslander, who received medical treatment on course beside the second hole on Thursday, came out firing on Friday with a round of 5-under par, rocketing him to seven under.