There's apparently an even newer beta firmware out now 03.21.03 => not sure you want to update as you could get stuck on that firmware if the consumer releases are numbered differently.
117fps cap set in game and vsync set from NVCP, but it was apparently nvidia reflex that caused the issue (not sure why it affects g-sync+vsync => probably a bug). Disabled it and getting the full 117fps now!
To the guys saying 117fps is smooth using the latest 03.11.30 firmware; I'm using the same firmware myself and still getting 116fps when using G-Sync + Vsync with a 117fps cap, so not sure what's going on? What drivers are you using?