He turned three-under, before sinking four more birdies at 11, 12, 14 and 15 on the back nine.
In round one Woods came unstuck at 16 and 18, with double bogeys on both holes, but negotiated both in par during his second round to ensure he sits at six-under through 36 holes.
His effort left him six shots off early leader JB Holmes, with the rest of the field yet to complete their second rounds.
Despite the presence of a number of the sport's biggest names, Wood was the star attraction on day one of a tournament he himself has hosted since 1999.
His return to action has been much-hyped after previous plans to play at the Safeway Open and Turkish Open in recent months were abandoned.
Woods has had two back operations since last playing in August 2015, but was involved with the US Ryder Cup team which beat Europe 17-11 at Hazeltine in September.