However, I read in a magazine (don't want to say which, they were were probably trying to sell their Pentium Pro based PCs quickly) that the L2 cache was external to the CPU and the following was supposed to be true at the time of the article:
Some of the systems specifications are slightly misleading. For instance, a Pentium Pro with 256MB of L2 Cache which runs at the 200MHz speed of the processor since it is on chip; while the Pentium II at 233MHZ had a separate L2 cache chip running at 116.5MHz which effectively slows it below the total performance of the Pentium Pro 200. This will have been rectified you can be sure, and the 266 and 300 MHz Pentium II will also have improved performance. And you can be sure that Pentium II processor will rapidly make the other Pentium Processors obsolete. However, other upgrades to 1998-2000 processors will make the Pentium II rather blaise.
Remember this: The speed of the CPU is not always the only factor in the efficiency of your PC. The buses and their speeds, the cache (L1 and L2), BIOS, memory speed, chip sets, etc. are factors that allow the CPU to reach its potential. The Pentium II has them!