Windowed vs Exclusive Fullscreen FPS/Frametime problem

On Windows 7 (where exclusive fullscreen doesn’t force DWM vsync/buffering) this happens when switching modes:

Windowed (with Win7 Aero aka DWM, which natively forces Vsync on all windows)

Exclusive Fullscreen (where Win 7 doesn’t force any Vsync by itself)

I’m using “Exclusive Fullscreen” WITHOUT “Windowed Fullscreen Mode”, with Vsync ON, Vsync Swap 1, Max Swapchain 3. I’ve tried forcing NVIDIA’s Control Panel Triple Buffering (it states it’s for OGL), didn’t help, because the default setting for OGL is OFF.

This randomly causes unstable gameplay, any idea why?