Almost all lights that are compatible with ~3-9V input are using a low-overhead buck regulation circuit. I would have to assume that this light uses a similar configuration.
In most of these types of lights, the brightness fresh off the charger with 1x18650 or 2x(any li-ion) will be about the same. Sometimes the single 18650 will be 10-20% dimmer off the line but it's not noticeable. However, when you actually run these 2 configurations through the paces, you find, that the 18650 will steadily taper down to ~40-50% of it's original output through that discharge, whereas, a pair of cells (18500s for example), will start off at the highest possible brightness and maintain it until the protection circuit in the cells kills the circuit.
In lower ouput modes, the single 18650 will run "in regulation" for a portion of the discharge. While a pair of 18500s would run in regulation through the entire discharge.
Since the single 18650 run-time is directly correlated to the Vf of the LED, while the pair of 18500s will operate with very little difference in run-time based on the Vf, any sort of good estimates on comparative run-times are going to be impossible to make.
-------------
My educated guess is as follows:
a pair of 18500 cells will run this light at full output for about the same run-time that a single 18650 will run this light with diminishing output. I wouldn't be surprised if the single 18650 actually had slightly better run-time (but less average output). In lower modes, the pair of 18500s should start to have better runtime with the same output.
------------
Everything is a tradeoff. Good Luck,
Eric