How to compare if two strings contain the same words in T-SQL for SQL Server 2008?

Question

When I compare two strings in SQL Server, there are couple of simple ways with = or LIKE.

I want to redefine equality as:

If

Answer 1

declare @s1 varchar(50) = 'my word'
declare @s2 varchar(50) = 'word my'

declare @t1 table (word varchar(50))

while len(@s1)>0 
begin
    if (CHARINDEX(' ', @s1)>0)
    begin       
        insert into @t1 values(ltrim(rtrim(LEFT(@s1, charindex(' ', @s1)))))        
        set @s1 = LTRIM(rtrim(right(@s1, len(@s1)-charindex(' ', @s1))))
    end
    else
    begin
        insert into @t1 values (@s1)
        set @s1=''      
    end     
end

declare @t2 table (word varchar(50))
while len(@s2)>0 
begin
    if (CHARINDEX(' ', @s2)>0)
    begin       
        insert into @t2 values(ltrim(rtrim(LEFT(@s2, charindex(' ', @s2)))))        
        set @s2 = LTRIM(rtrim(right(@s2, len(@s2)-charindex(' ', @s2))))
    end
    else
    begin
        insert into @t2 values (@s2)
        set @s2=''      
    end     
end

select case when exists(SELECT * FROM @t1 EXCEPT SELECT * FROM @t2) then 'are not' else 'are equal' end