Using a general analytical continuation scheme for cluster dynamical mean field calculations, we analyze real-frequency self-energies, momentum-resolved spectral functions, and one-particle excitations of the metallic and insulating phases of VO2. While for the former dynamical correlations and lifetime effects prevent a description in terms of quasi-particles, the excitations of the latter allow for an effective band-structure. We construct an orbital-dependent, but static one-particle potential that reproduces the full many-body spectrum. Yet, the ground state is well beyond a static one-particle description. The emerging picture gives a non-trivial answer to the decade-old question of the nature of the insulator, which we characterize as a "many-body Peierls" state.PACS numbers: 71.27.+a, 71.30.+h, 71.15.Ap Describing electronic correlations is a challenge for modern condensed matter physics. While weak correlations slightly modify quasi-particle states, by broadening them with lifetime effects and shifting their energies, strong enough correlations can entirely invalidate the band picture by inducing a Mott insulating state.In a half-filled one-band model, an insulator is realized above a critical ratio of interaction to bandwidth. Though more complex scenarios exist in realistic multi-band cases, a common feature of compounds that undergo a metal-insulator transition (MIT) upon the change of an external parameter, such as temperature or pressure, is that the respective insulator feels stronger correlations than the metal, since it is precisely their enhancement that drives the system insulating.In this paper we discuss a material where this rule of thumb is inverted : We argue that in VO 2 it is the insulator that is less correlated, in the sense that band-like excitations are better defined and have longer lifetimes than in the metal. Albeit, neither phase is well described by standard band-structure techniques. Using an analytical continuation scheme for quantum Monte Carlo solutions to Dynamical Mean Field Theory (DMFT) [1], we discuss quasi-particle lifetimes, k-resolved spectra (for comparison with future angle resolved photoemission experiments) and effective band-structures. While dynamical effects are crucial in the metal, the excitations of the insulator are well described within a static picture : For the insulator we devise an effective one-particle potential that captures the interacting excitation spectrum. Still, the corresponding ground state is far from a Slater determinant, leading us to introduce the concept of a "many-body Peierls" insulator.The MIT of VO 2 has intrigued solid state physicists for decades [2,3,4,5,6,7,8,9,10,11,12,13,14]. A high temperature metallic rutile (R) phase transforms at T c =340 K into an insulating monoclinic structure (M1), in which vanadium atoms pair up to form tilted dimers along the c-axis. The resistivity jumps up by two orders of magnitude, yet no local moments form. Despite extensive efforts, the mechanism of the transition is still under debate [6,7...