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Achieving ultrafast all-optical switching in a silicon waveguide geometry is a key milestone on the way to an integrated platform capable of handling the increasing demands for higher speed and higher capacity for information transfer. Given the weak electro-optic and thermo-optic effects in silicon, there has been intense interest in hybrid structures in which that switching could be accomplished by integrating another material into the waveguide, including the phase-changing material, vanadium dioxide (VO2). It has long been known that the phase transition in VO2 can be triggered by ultrafast laser pulses, and that pump-laser fluence is a critical parameter governing the recovery time of thin films irradiated by femtosecond laser pulses near 800 nm. However, thin-film experiments are not a priori reliable guides to using VO2 for all-optical switching in on-chip silicon photonics because of the large changes in VO2 optical constants in the telecommunications band, the requirement of low insertion loss, and the limits on switching energy permissible in integrated photonic systems. Here we report the first measurements to show that the reversible, ultrafast photo-induced phase transition in VO2 can be harnessed to achieve sub-picosecond switching when small VO2 volumes are integrated in a silicon waveguide as a modulating element. Switching energies above threshold are of order 600 fJ/switch. These results suggest that VO2 can now be pursued as a strong candidate for all-optical switching with sub-picosecond on-off times.