Difference in make_shared and normal shared_ptr in C++

std::shared_ptr<Object> p1 = std::make_shared<Object>("foo");
std::shared_ptr<Object> p2(new Object("foo"));

Many google and stackoverflow posts are there on this, but I am not able to understand why make_shared is more efficient than directly using shared_ptr.

Can someone explain me step by step sequence of objects created and operations done by both so that I will be able to understand how make_shared is efficient. I have given one example above for reference.