It looks as if your CPU utilization is bouncing between 80- to 100% with corresponding volt peaks and valleys. What this suggests is that your Turbo Core is working (presumably it is set on 'Auto'). This is both good (it's working) and could be bad (if it is throttling because of thermal issues). You have to make the call on the 'thermal' by simply monitoring your CPU temps under load.
Otherwise, this behavior is not out of the ordinary with your Turbo enabled. An individual core is clocked higher (up to 3.7GHz) with a volt bump --- while the voltage is dropped to other cores (and they are 'down-clocked'). This is what causes the 'waves' in your chart.
If you disable Turbo Core, the 'waves' (both CPU utilization and voltage) should flatten-out. If you encounter odd spikes in voltage this would reveal an issue with power delivery.
Also ... with your i5-2500K your should simply run 4 threads --- some of those 'waves' could potentially be driven by a phenomena known as 'core-hopping' as the threads bounce around your CPU.