http://www.intel.com/content/www/us/en/processors/core/2nd-gen-core-desktop-vol-1-datasheet.html
Page 46 Enhanced Intel® SpeedStep® Technology or (Eist)
The following are the key features of Enhanced Intel SpeedStep Technology: Multiple frequency and voltage points for optimal performance and power efficiency. These operating points are known as P-states. Frequency selection is software controlled by writing to processor MSRs. The voltage is optimized based on the selected frequency and the number of active processor cores. If the target frequency is higher than the current frequency, VCC is ramped up in steps to an optimized voltage. This voltage is signaled by the SVID bus to the voltage regulator. Once the voltage is established, the PLL locks on to the target frequency. If the target frequency is lower than the current frequency, the PLL locks to the target frequency, then transitions to a lower voltage by signaling the target voltage on SVID bus. All active processor cores share the same frequency and voltage. In a multi-core processor, the highest frequency P-state requested amongst all active cores is selected. Software-requested transitions are accepted at any time. If a previous transition is in progress, the new transition is deferred until the previous transition is completed. The processor controls voltage ramp rates internally to ensure glitch-free transitions. Because there is low transition latency between P-states, a significant number of transitions per-second are possible.
Page 49 C1e
Core C1/C1E StateC1/C1E is a low power state entered when all threads within a core execute a HLT or MWAIT(C1/C1E) instruction.A System Management Interrupt (SMI) handler returns execution to either Normal state or the C1/C1E state. See the Intel® 64 and IA-32 Architecture Software Developers Manual, Volume 3A/3B: System Programmers Guide for more information.While a core is in C1/C1E state, it processes bus snoops and snoops from other threads. For more information on C1E, see Package C1/C1E
I am going to guess that based on this information that they work in conjunction with each other to help save power. Again a guess that I would have them both turned on or off. Most of the time I have a hard time on getting information from the engineers on anything to do with overclocking since we dont officially support it.