SQLServer2000 - System Admin Problem

Hi,

I have SQLServer20000 Enterprise Manager-Version 8.00 and Microsoft Enterprise Manager - V 2.0 Version 5.1 Service Pack 1 and SQL 8.00.760. A "user" owns the database and when I have the user logged to SQL Query Analyzer ( with user and pwd)
When enable Fixed server role as system administrator for that user (owns db)
select * from table1 says that the table does not exist
select * from "owner".table1 gives the records.
When enable fixed server role as security administrator for that user ( owns db)
select * from table1 outputs records
select * from owner.table1 outputs records.
If I have both system administrator and security administrator checked for the user the scenario is like "system administrator" where select statement outputs records only if owner is included in the statement.

When system administrator is the highest role why does it behave this way?

Any help is appreciated.

Thanks
Vinnie