G1/S-specific cyclin partner of the cyclin-dependent kinase (CDK) PHO85. Essential for the control of the cell cycle at the G1/S (start) transition. Together with cyclin PCL1, positively controls degradation of sphingoid long chain base kinase LCB4. The PCL2-PHO85 cyclin-CDK holoenzyme phosphorylates LCB4, which is required for its ubiquitination and degradation. PCL2-PHO85 also phosphorylates RVS167, linking cyclin-CDK activity with organization of the actin cytoskeleton. Forms a cyclin-CDK complex with PHO85. Interacts with RVS167. Localizes to sites of polarized growth, namely the incipient bud site, the bud tip and the bud neck. By transcription factors SBF (SWI4-SWI6 cell-cycle box binding factor) and SWI5 in a cell cycle-regulated manner. Peaks in G1 phase. Belongs to the cyclin family. PCL1,2 subfamily.