Even more can be said: If $P$ is the Sylow $2$-subgroup then $P$ is contained in the center of the group.
To see this, note that since $P$ is normal, the statement that it is central is that same as the statement that $C_G(P) = N_G(P)$. But $P\leq C_G(P)$, so the order of $N_G(P)/C_G(P)$ is odd, and we also know by the normalizer/centralizer theorem that this quotient is isomorphic to a subgroup of $\operatorname{Aut}(P)$, which is a $2$-group since $P$ is a cyclic $2$-group. Combining these, we see that $N_G(P)/C_G(P)$ is trivial, which precisely means that $P$ is central as claimed.
In fact, $G$ will have a subgroup $Q$ such that $G = P\times Q$, as shown at Elements of odd order form a subgroup when the Sylow-$2$ subgroup is cyclic (see the comments for a link to an answer using less theory).
Further, note that the argument given by DonAntonio generalizes to the case where $P$ has a cyclic center, rather than just the case where $P$ itself is cyclic.