This bug has been copied from bug #673242 and has been proposed to be backported to 5.6 z-stream (EUS).
in kernel-2.6.18-238.10.1.el5 linux-2.6-virt-hypervisor-overflow-fix-for-clocks-4ghz.patch
An advisory has been issued which should help the problem described in this bug report. This report is therefore being closed with a resolution of ERRATA. For more information on therefore solution and/or where to find the updated files, please follow the link below. You may reopen this bug report if the solution does not work for you. http://rhn.redhat.com/errata/RHSA-2011-0833.html
Technical note added. If any revisions are required, please edit the "Technical Notes" field accordingly. All revisions will be proofread by the Engineering Content Services team. New Contents: Previously, on VMware, the time ran too fast on virtual machines with more than 4GHz TSC (Time Step Counter) processor frequency if they were using PIT/TSC based timekeeping. This was due to a calculation bug in the get_hypervisor_cycles_per_sec function. This update fixes the calculation, and timekeeping works correctly for such virtual machines