When I first started overclocking (and water cooling), I was using a home made gold finger device on a 700 MHz Athlon to set the core voltage and CPU frequency. To monitor the core voltage I hooked up a multimeter to the core voltage supply and saw exactly the same kind of voltage swings you are talking about. Since the CPU continued to function correctly for over a year while being overclocked to 900 MHz (until my motherboard caps started making pop noises) I think what you are seeing is normal. Because of VERY large current swings in the CPU cores themselves, some amount of voltage "instability" is inevitable. The thing I still have trouble understanding is why this can be seen on slow monitoring equipment.
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