The most subtle possible option is to make the biggest point-blank explosion possible, right in Orochimaru's face.
If you think we can last however long it takes Toad dude to come back, go ahead and make a vote.
We could disguise it as trying to cover our retreat. We pretend we're staying to fight him, drop a big and especially loud explosion, and then immediately grab Karin and turn and run. A sufficient explanation is provided, and Orochimaru has no reason to suspect Jiraya is around. Layers behind layers.
In fact:
[X] Plan Subtle Explosion
-[X]Humor him and reply truthfully
-[X] Run away
--[X] Take Karin with you
--[X] While it pains you to leave Kakashi behind, staying would just force him to defend you and fleeing with him would give Orochimaru the chance to pick you off one by one. Additionally, he is your superior and he gave you an order.
-[X] Cover your retreat with the biggest and loudest explosion you think you can safely make (in terms of chakra exhaustion and drawing Orochimaru's interest). Try to alert Jiraya with it without tipping Orochimaru off.
-[X] If you can contact Shisui's spirit, now would be a
really good time if he could assist you with his legendary skill at the Body Flicker.
-[X] Try to find Jiraya.
-[X] Assume that while Orochimaru himself will fight Kakashi, he'll send clones after you.
--[X] From what you know about him he's like an amoral magus who would just try harder to catch you for your secrets. Not showing those of our abilities that would most catch his interest is preferred, but you'll do it if the sole other alternative is death or permanent harm of anyone on our side.
--[X] Likely attention-grabbing skills, from least to most important: Seamless Jutsu Fusion, Average One, and Magecraft. That said, we may not get around showing Average One since he knows all five elements too, and we might have difficulty defending against that without using Type Advantage.
--[X] Conserving energy is not a high priority. Take a chakra pill if you need to, but you only need to last long enough for Jiraya to join the fight and for Kakashi to take over protecting you and Karin. Keep your Sharingan active, and unless his clones are entirely undetectable, do the same for your sensor skills.
--[X] Clones by themselves are worthless since he'll immediately see through the ruse and dismiss them as threats, but you might be able to exploit that with the Clone Great Explosion jutsu.
--[X] Our highest combat skill is Genjutsu, but we're not at the point of casting them without hand seals. It's worth a try, but don't expect to catch him in one for very long, especially not if he sees it coming. Instead, try to keep the two of you away from him, and keep him busy with thrown weapons and ranged jutsu.