Vsync causes highly erratic behaviour where frame rate is concerned, if your frame rate isn't significantly higher than your monitors refresh rate (60hz in most cases) then vsync artificially limits your frame rate.
Essentially to sync every frame at 60hz you need to be running 60fps minimum (remember fraps is an average) if your frame rate dips much below 60fps then Vsync will force your frame rate to 1/2 of your monitors refresh rate (30fps) These quick dips in frame rate might only be to 50fps normally but with Vsync on you skip entire frames and the frame rate is forced down to the next whole fraction, so if you cant manage 30fps it drops to 1/3rd or 20fps and so on.
Best bet is to lower the settins a bit so you're always dead on 60fps, this will require an average frame rate, of at least 80fps or so, maybe higher.
Alternatively you can enable tripple buffering which helps smooth out the frame rate but I'd advise against this since it causes huge mouse lag.