Back in April I reported on a lightweight QEMU-free Linux KVM host tool
. This written-from-scratch solution is designed to just boot guest Linux images with the Kernel-based Virtual Machine (KVM) while being just a few thousand lines of code. A second version of the Native Linux KVM Tool has been released and it's being targeted for inclusion into the Linux 3.1 kernel.
The second version of the Native Linux KVM Tool has experimental GUI support using SDL and VNC, SMP multi-core support, TAP-based VirtIO networking, fast QCOW2 image read-write support, and various other features.
See more in this Linux Kernel Mailing List thread