My ultralight setup for fishing when bushwalking or cycle touring uses the following:
Pfleuger Patriarch XT 9530X reel
The Pflueger Patriarch spinning reel weighs 187g and I have it spooled up with about 100m of 8lb Platypus Super 100 mono.
Berkley Nomadic NMs665-24 rod
This rod uses a graphite IM-6 blank, weighs a mere 114g and packs down to less than 35cm in length owing to its 6 piece design. When assembled, it is 6' 6" long and is rated for 2-4kg line.
Total weight of the setup is 301g. This is an awesome lack of weight for a proper fishing setup capable of landing some decent sized fish.