Since qemu-kvm 1.1 [1] (since 1.3. in upstream QEMU [2])
'-no-kvm-pit-reinjection' has been deprecated.
Use -global kvm-pit.lost_tick_policy=discard instead.

https://bugzilla.redhat.com/show_bug.cgi?id=978719

[1] http://git.kernel.org/cgit/virt/kvm/qemu-kvm.git/commit/?id=4e4fa39
[2] http://git.qemu.org/?p=qemu.git;a=commitdiff;h=c21fb4f