Those are both VMs in the same sense. A VM creates an abstract, indirect implementation of a computing system. Sometimes that's with a lot of hardware offload as in Xen or picojava. Sometimes that's with a JIT as in HotSpot, orginal VMWare, or Transmeta. Sometimes that's just with an interpreter like the original JVM or Dosbox.
They're all virtual machines whether they're running code originally meant for execution on hardware or not.