Flight time logging

I am wondering if two private or commercial pilots are flying an aircraft that does not require a SIC, can both pilots log the flight time legally. One pilot as PIC and the 2nd pilot as flight time with no PIC. Is this correct?
 
This has been covered many, many times. Please search. If you're referring to logging time in a light GA aircraft, the answer is "no," unless you use the safety pilot loophole. An aircraft must be type certificated for two pilots, or be operated under regulations (read: Part 135 under IFR) requiring a second pilot for either to log SIC.
 
I am wondering if two private or commercial pilots are flying an aircraft that does not require a SIC, can both pilots log the flight time legally. One pilot as PIC and the 2nd pilot as flight time with no PIC. Is this correct?
No.

Once upon a time, long, long ago, there was a category of "other flight time" that didn't fit any particular category. But at this point, unless you fit into one of the boxes set up in 61.51, you don't have any flight time - not PIC, not SIC, nothing. In an aircraft that doesn't require more than one pilot, that's pretty much limited to Part 135 IFR passenger operations and the safety pilot scenario.

If it helps, here's my FAQ on logging flight time (new link for those who have already seen it)
 
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