In 2001 Ray would continue to drive for Menard in the #2 Johns Manville/Menards Dallara-Oldsmobile Aurora. Ray continued to be an excellent qualifier with four poles in the series' first ten races but had trouble finishing races with a win at the zMax Atlanta 500 Classic at Atlanta Motor Speedway. Ray's relationship with Menard got even worse after the Indianapolis 500 where Ray qualified 2nd and would lead 40 laps before finishing 17th, 8 laps down. Ray split from Menard after the Belterra Resort Indy 300 at Kentucky Speedway while Ray's replacement, Jaques Lazier won in his second race in the car at the Delphi Indy 300 at Chicagoland Speedway. Ray would drive the season ending Chevy 500 at Texas Motor Speedway returning to AJ Foyt's team in the #11 A.J. Foyt Racing Dallara-Nissan Infiniti where Ray would start 13th and finish 8th in his only other top 10 of the year besides his Atlanta win.