According to this article on sqlserverstudymaterial;
Remember that "%Privileged time" is not based on 100%.It is based on number of processors.If you see 200 for sqlserver.exe and the system has 8 CPU then CPU consumed by sqlserver.exe is 200 out of 800 (only 25%).
If "% Privileged Time" value is more than 30% then it's generally caused by faulty drivers or anti-virus software. In such situations make sure the BIOS and filter drives are up to date and then try disabling the anti-virus software temporarily to see the change.
If "% User Time" is high then there is something consuming of SQL Server. There are several known patterns which can be caused high CPU for processes running in SQL Server including