Reason, who is set to hold talks with Town boss Roy Keane on his future next week, played the full 90 minutes for the U's, who finished the game with ten men after Phil Boland was sent off for two bookable offences with twenty minutes remaining.
Torquay opened the scoring ten minutes before the break thanks to a strike from Christian Hargreaves, whilst Tim Sills doubled the lead for Paul Buckle's side on 75 minutes, with Cambridge having been reduced to ten men 5 minutes previous.
Reason scored twice in eighteen games for Cambridge, and will be hoping he has done enough to win a new deal at Portman Road, with his current contract expiring at the end of June.
Click here for a player profile on Jai Reason or click here for a game by game rundown of his season.