Good question and wish I too knew ... 100%.
I do know that once my Bartley charging light (red) goes off I'm getting better than 3.7v and more likely around 4.0-4.2v. But with usb in and button down, I'd have to say you're still running off the batt given the bit I know of the charging circuit that's used.
ADDITION: I did ask this same question of Janty for my JStick and they indicated it was always running off the batt - ubs plugged in or not.