Bear in mind the uncompressed size of the raster(check the properties on the source tab in ArcMap), jp2s can be highly compressed and the size of the new raster may be larger than the original raster. For an idea of what the expectations could be, convert the clipping polygon to a graphic, select the graphic, right click the raster and then Data > Export Data and when the dialogue opens up, selected graphic. This will give you an idea of the size of the raster you are creating. You are probably creating a raster much larger than the original.