The binary system, LSI+61 303, is unusual both because of the dramatic,
periodic, radio outbursts, and because of its possible association with the 100
MeV gamma-ray source, 2CG135+01. We have performed simultaneous radio and Rossi
X-ray Timing Explorer X-ray observations at eleven intervals over the 26.5 day
orbit, and in addition searched for variability on timescales ranging from
milliseconds to hours. We confirm the modulation of the X-ray emission on
orbital timescales originally reported by Taylor et al. (1996), and in addition
we find a significant offset between the peak of the X-ray and radio flux. We
argue that based on these results, the most likely X-ray emission mechanism is
inverse Compton scattering of stellar photons off of electrons accelerated at
the shock boundary between the relativistic wind of a young pulsar and the Be
star wind. In these observations we also detected 2 -- 150 keV flux from the
nearby low-redshift quasar QSO~0241+622. Comparing these measurements to
previous hard X-ray and gamma-ray observations of the region containing both
LSI+61 303 and QSO~0241+622, it is clear that emission from the QSO dominates.Comment: 23 pages, 6 figures, Accepted for publication in the Astrophysical
Journa