He said the Teachers Council was "notorious amongst early childhood services for maintaining the registration of teachers in questionable circumstances", including jailed paedophile James Parker, and, for a period, Andrew Loader, who was convicted for paying to watch teens have sex.
"Professional bodies are supposed to maintain professional standards and protect the public. And it is way past time for the Teachers Council to start doing its job," Mr Reynolds said.
Jacobs was sentenced in Auckland District Court last year to six months' home detention for importing bags of P from her South African homeland.
Customs intercepted a package from Cape Town at the International Mail Centre in Auckland on July 24, 2013, that contained 8g of the drug in four small plastic bags inside a CD case.
When Customs officers searched Jacobs' Christchurch home, they found three glass P pipes and eight empty point bags with methamphetamine residue.
But the New Zealand Teachers Council disciplinary tribunal found there were "mitigating circumstances" that meant she could remain teaching.
"There is evidence that [Jacobs] is a talented teacher, and plainly she had the support of her former colleagues and the parents of children whom she has taught," said the decision.
"In considering this matter we have remained very conscious throughout of our obligations, and in particular of our responsibility to protect the public - especially school-aged children - and uphold the standards of the profession.
"It is not without considerable debate and reflection that we have been able, ultimately, to reach the view that we do not need to order the cancellation of [Jacobs'] registration as a teacher in order to discharge those responsibilities in this case."
The tribunal censured Jacobs but allowed her to teach again, subject to a series of two-year conditions, which include that she advises any potential employer of her conviction and the disciplinary proceeding; that she not take illegal drugs; consent to drug tests; continue with a Salvation Army programme; and provide updates to the Teachers Council.