A Fire-Fly III or a Jil Intelli are two of the smallest lights available for their battery size, and both use the same FluPIC circuitry (although the FF3 has beefier output with the larger battery). You have up to 3 brightness levels accessable, two of which are user chosen from 20 total, so you can set one to low mode, one to your 2 hour runtime mode, and burst (full brightness) if you want it.
I don't know if "lighter" lights are available in these sizes (Orb Raw maybe), but at this point, you're arguing grams rather than ounces.