It's system/kernel/gpu time. Basically, it's all of the CPU time spent in code you can't see directly in the PICO-8 source editor.
If you have an app that does nothing but call cls() around 68 times, then both stat(1) and stat(2) will be around 1.0 at the end of your _draw() function.
If you have an app with an empty loop that iterates around 69905 times, and does nothing else, then stat(1) will be around 1.0 at the end of your _draw() function, but stat(2) will still be close to 0.
I can't believe it took me this long to work that out. :)
Caveat: I don't know exactly where the system/user border lies. Like, I haven't looked to see if what we think of as intrinsics, like abs() or flr(), are system time for the few cycles you're inside, or if they're considered user mode. Similarly, longer functions like sqrt()... could be system, could be user. I'll probably go through and figure them out at some point.
Honestly, it's not a very useful piece of information for practically anyone... even me... but it's been bugging me for aaaaages and I'm so glad I finally got a little 3-watt lightbulb over my head about it.
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