We directly trace the multi-THz conductivity of VO2 during an insulator-metal transition triggered by a 12-fs light pulse. The femtosecond dynamics of lattice and electronic degrees of freedom are spectrally discriminated. A coherent wave packet motion of V-V dimers at 6 THz modulates the lattice polarizability for approximately 1 ps. In contrast, the electronic conductivity settles to a constant value already after one V-V oscillation cycle. Based on our findings, we propose a qualitative model for the nonthermal phase transition.