How does the IP system work in Vbulletin?

I know moderators and admins of a Vbulletin board can see your IP by clicking on the computer icon or if they want to be thorough, they can do it via the CP. My question is, are those IP's logged by posts or is it something global? For example: You make an account with the IP address of 127.0.0.1, make a few posts and go to bed. The next morning, you login to the vbulletin boards you were on yesterday but realize your IP address changed to 127.0.0.2 and make a few posts anyways.

What I want to know is, if a moderator clicks on the computer icon on those few posts you made the day before your IP changed, will it show the IP address you had when you made those posts or will it display the new IP address. If the old IP address is logged with the posts you made then I assume the new posts you made get logged with the new IP?
 
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