Pete's solo here is a more developed solo than his first in that he uses plenty of guitaristic techniques throughout and even steals a few from pedal steel.
Again, the analysis (in blue, under the standard notation staff) falls flat in accurately describing what's going on here. The key to playing this solo well and the reason why it's so good is Pete's feel. Again, it matters what you say, but it really matters how you say it.
Pete swings like Tarzan, really stretching and pulling the time feel which adds a lot of rhythmic tension to his lines. You'll notice too, like in the first transcription, he knows how to construct a solo. He uses double stop 6ths as a recurring motif to tie everything together and he works them through the two different harmonies in the song. Notice too, the figure that starts the solo-- it's a call-back to the key thematic figure he used in his first solo.
As a guitar player, a highlight for me is bars 7 through the end where he makes use of a pedal steel sound (bar 8) with a nice bend on the G string from G# down to F# while holding the high E, and then use of different strings to play the same pitch (A) four times, one after the other (bars 9-10). That's the kind of thing you can only do on a stringed instrument and it really has an impact.
I discovered that the video I had linked to on YouTube has been taken down due to copyright restrictions so here it is on another site. The second solo begins at around 2:03 in this video.
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