a p2pool uses a different technology to mine.. it creates a secondary "cryptocurrency" (called a share chain) which has a lower difficulty and therefore shares (blocks of the share chain) are found every few seconds by everyone. like the regular shares on a normal stratum pool. (p2pool uses stratum as well)

now if you find a share-chain block (share) which has a difficulty equal to or higher than the difficulty of Cypherfunks, you find a cypherfunk block. the generated coins from this block are instantly paid into the miners wallets, that were active in the mining required to find this block.. comparable to eligius.st mining for bitcoin.