Hey guys, to view the relevant cheat sheet, masteries and runes, make sure your looking at the team 2 jax. On the left side on the top of the cheat sheet :D
TL;DR, Team 2 Jax = Cheat Sheet.

Pro's:

Actually quoted from an employee of Riot on the forums as " the best AD Carry ".
Virtually unbeatable 1v1
Dodge chance is underrated, most low ELO dont know about Sword of the divine's active.
AOE Stun

Cons:

You'll hardly ever face a 1v1, nobody wants to 1v1 Jax
Barely any items give dodge chance.
Bad early game.
No escape mechanic ( Leap strike to wards? )

As you can see, Jax is ( the best ) AD Carry. Therefore, he requires AD (Offense) masteries, however, you shouldn't spend more than 21 points in offense so that you can afford the 9 in defense to buff your dodge as virtually no items give you dodge chance.

I max Leap Stike first, Empower Second and counter strike 3rd taking my ulti when I can, at 6,11.16.
Why?
If you hover your cursor over the plus when you're playing Jax, from levels 1-2,2-3,3-4,and 4-5 you'll see leap strike gains more damage per rank than Empower. Max leap strike ASAP, this makes for better:
Harrasment early game.
Escape if you/your lanemate placed wards
Damage overall.

Empower should come next because it gives more damage per counter strike. Counter strike actually scales with AP, in this particular build, I dont grab any major AP scaling items as Jax has better damage output as a 2 APS, 400AD, 25+ % Lifesteal as opposed to someone who does decent damage every 7 seconds with counter strike. I know Relentless ***asult's 3rd attack passive proc scales with AP, but a AS/AP hybrid is for another build. By the time you get to level 10 ish you should Finish the rageblade, by now you should've maxed Leap strike. Only after continous consecutive hits do you gain AP, Empower scales from AD as well as AP, giving it the greater damage output.

Exhaust: The staple for any AD Carry, be it used for Chasing, escaping, lowering damage output. An all around great spell for AD Carries
Flash: Despite the fact this will get nerfed season 2, and depending on when you're reading this, Flash is the best spell at this moment in time. Its mandatory for almost anyone.
Ignite: If only you could have 3, I really like ignite for picking up those last few HP points after flashing into range. However, Your leap strike will be doing more damage than ignite so its not necessary and I feel Exhaust to be the better spell in this situation.
Ghost: A decent spell for running away and/or catching up to someone, its a little situational for my liking, and flash lets you blink through walls....
If I havent listed it here, with a few exceptions, It isnt worth cotemplating ( Fortify,Heal,Rally,CV...)

As with any Carry, if you get fed, you are Godlike. Or legendary depending on your current killstreak ;D. With Jax, you're that bit more deadly as opposed to any other carry ( with the possible exception of Tryndamere ). Just DONT think your Invincible. Yes, in the right hands, with the right build, right level of farm ( champs and creeps ), and the occasional buff ( red/blue/baron), you can score a penta easily. You cannot however, take on more than 1 ( 2 if you have exhaust up ) AD hypercarries ( Xin,Tryn,Sion etc ), by yourself.
If you really want a penta, play like an assassin, picking up the runners and working your way up to the carries.
Just dont focus the Six-Stacked Chogath with Thornmail.

Thanks for reading my first guide and if you want a different perspective on Jax, be sure to check out and rate my friends Jax guide @http://www.mobafire.com/league-of-legends/build/jax-the-best-ad-carry-145808
Thanks ^_^ :D