Jony Pereira's time at Rayo Vallecano is over, and now he'll look to help Real Valladolid obtain promotion back to the Primera. It's still a loan deal, and does include the clause that should Valladolid be promoted, his loan will automatically be extended to the 2015-16 season.
No financial terms disclosed, but my guess is Villarreal could be absorbing less of his salary at Valladolid than at Rayo, and/or his salary has been reduced since he is now in the Segunda rather than Primera.
Good luck to him at Valladolid!