We study the original Sachdev-Ye (SY) model in its Majorana fermion representation which can be called the two indices Sachdev-Ye-Kitaev (SYK) model. Its advantage over the original SY model in the $ SU(M) $ complex fermion representation is that it need no local constraints, so a $1/M $ expansion can be more easily performed. Its advantage over the 4 indices SYK model is that it has only two site indices $ J_{ij} $ instead of four indices $ J_{ijkl} $, so it may fit the bulk string theory better. By performing a $1/M $ expansion at $ N=infty $, we show that a quantum spin liquid (QSL) state remains stable at a finite $ M $. The $ 1/M $ corrections are exactly marginal, so the system remains conformably invariant at any finite $ M $. The 4-point out of time correlation ( OTOC ) shows quantum chaos neither at $ N=infty $ at any finite $ M $, nor at $ M=infty $ at any finite $ N $. By looking at the replica off-diagonal channel, we find there is a quantum spin glass (QSG) instability at an exponentially suppressed temperature in $ M $. We work out a criterion for the two large numbers $ N $ and $ M $ to satisfy so that the QSG instability may be avoided. We speculate that at any finite $ N $, the quantum chaos appears at the order of $ 1/M^{0} $, which is the subleading order in the $ 1/M $ expansion. When the $ 1/N $ quantum fluctuations at any finite $ M $ are considered, from a general reparametrization symmetry breaking point of view, we argue that the eThis work may motivate future works to study the possible new gravity dual of the 2 indices SYK model.ffective action should still be described by the Schwarzian one, the OTOC shows maximal quantum chaos.
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