Thermal Throttling at 61 C on 3750k

I just got a new ASrock Z77 Pro4 and an 3750k. I'm just starting to push it, I'm water cooling the chip as well.

I started out at 4.5 with an offset of .060, disabled all C states and speedstep. But regardless I keep throttling down to 3.4ghz and the temps immediately drop 10 degrees for a while then jump back up to the screen shot below for 20-30 seconds and throttles back.

What am I missing? Do I need to disabled thermal throttling? Are my temps not reporting right and chip is protecting itself?

Screenies below:

I'm not familiar with ASrock boards, but go through your BIOS and look for anything related to power limiting. Disable them, or increase them to max value. Look for anything to mentions TDP, watts, or current/amps.