Pantheism holds also that God is the supreme being in the Universe. Pantheism does not hold that God is merely the effect
but also that God is the source. This is compatible with the
idea that God is unchanging and eternal.

Panentheism is slightly different from Pantheism but it is
not a big deal and does not conflict with Taoism or other
forms of monotheism.

From the Wiki.

http://en.wikipedia.org/wiki/Panentheism

Simply put, in pantheism, God is the whole; however, in panentheism, the whole is in God. This means that the universe in the first formulation is practically the whole itself. In the second formulation, the universe and God are not ontologically equivalent. In panentheism, God is viewed as the eternal animating force behind the universe. Some versions suggest that the universe is nothing more than the manifest part of God. In some forms of panentheism, the cosmos exists within God, who in turn "pervades" or is "in" the cosmos. While pantheism asserts that God and the universe are coextensive, panentheism claims that God is greater than the universe. In addition, some forms indicate that the universe is contained within God.[2] Much Hindu thought is highly characterized by panentheism and pantheism.[3]

As for the universe being in God, that is a possibility.

I have always said that this is a thought universe that exists inside of the universal mind.

We are inside the mind of God.