Changed the following in the SkyrimPref file
iPresentInterval=0 (this line didn't originally exist)
bMouseAcceleration=0 (it was originally 1)
fMouseHeadingSensitivity=0.1250 (it was originally 0.03 or something)
Turned off the X-Box controller in settings
It's weird because in the system screen (Save, Load, Settings, etc.) the cursor is absolutely fine but in the menu screen (Spells, Items, etc.) it's slow/laggy. Changing the MouseHeading helped a bit.