Woods finished tied fifth at the tournament in Orlando, Florida.
It was the second top-five finish in a row for the American who has recently returned after months in the wilderness.
Lee is surprised with how well Woods is playing so soon after his comeback.
And he says the 42-year-old showed after his round of 72 last Friday he has the ability to put bad days behind him, just like he did in his pomp.
Lee believes Woods’ mentality to how he approaches the rounds has changed and that has been key to his form improving since his return.
“Tiger Woods has done lots of things,” Lee said on Sky Sports News.
“He shot 72 I think it was on Friday or Saturday when he didn’t find the golf course but he’s got his game back.
“He’s got his ‘I’ve got a scorecard and somehow I’m going to get it around and not kill myself and give myself a chance on Sunday’.
“That’s what he did for years, he just on his bad days kept himself in it. He might have looked ugly but he knew how to get it around a golf course.
“And now, when you mix that into him being able to hit some really good shots as well, and we’ve seen from two top-five finishes on really good golf courses, that Tiger Woods is very close to playing so well he could win a Major championship.
“Nobody in golf would have said four, five, six months ago that (he could) at the Masters this year.
“I think bookies make him second favourite, Rory (McIlroy) is favourite because of the win and I think Tiger is second favourite.
“That’s from, let’s say five months ago, outside the top 1000 players in the world. He was nowhere, the golfing wilderness for him, and he’s back.”
Source : EXPRESS