Index: /trunk/src/VBox/VMM/VMMAll/EMAll.cpp
===================================================================
--- /trunk/src/VBox/VMM/VMMAll/EMAll.cpp	(revision 45478)
+++ /trunk/src/VBox/VMM/VMMAll/EMAll.cpp	(revision 45479)
@@ -3677,5 +3677,5 @@
 #endif
             if (    cpl != 0
-                &&  pDis->pCurInstr->uOpcode != OP_RDTSC)    /* rdtsc requires emulation in ring 3 as well */
+                ||  pDis->pCurInstr->uOpcode != OP_RDTSC)    /* rdtsc requires emulation in ring 3 as well */
             {
                 Log(("WARNING: refusing instruction emulation for user-mode code!!\n"));