After installing Ubuntu 11.10 and copying my KVM images which were created on Ubuntu 11.04 over to the new system, I notice that Virt-manager says it's using QEMU and not KVM. Also when running virsh version it says Running hypervisor: QEMU 0.14.1.

However, when I run kvm-ok it says INFO: /dev/kvm exists and KVM acceleration can be used. Also, the XML file of my VM clearly states it should use KVM: <domain type='kvm'>
<emulator>/usr/bin/kvm</emulator>.

Furthermore, lsmod |grep kvm shows the following (when the VM is running):

kvm_intel              61643  3

kvm                   383822  1 kvm_intel

So how do I know if KVM or QEMU is being used? And why am I getting such contradictory output of these different commands?