Two cores, running at 2.6 GHz, each one clocking at 2.6 GHz, but not necessarily making it "5.2 GHz." In the appropriate application, it'll seem as though your processor is running at 5.2 GHz because it's multithreaded and can use both cores at once. But, in most cases the chance that you'll actually find both cores being fully utilized is next to none. You might get a 30-70% improvement over the single core version, but that's about it. The only times you'll possibly see a 90-99% improvement is if you do video encoding, photoshopping, CAD, etc.
In short: 2.6 GHz Dual Core is NOT a "5.2 GHz" combined clock, but it'll seem like that in the appropriate apps.