Nvidia-smi giving error "failed to initialize NVML"

Over the weekend my test maching with CUDA 5.0 configured hit a bit of a snag. We were able to call nvidia-smi without any issues previously, but today I get the error:

# nvidia-smi
Failed to intialize NVML: Function not found.

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
   WARNING:

You should always run with libnvidia-ml.so that is installed with your NVIDIA Display Driver. By default it's installed in /usr/lib and /usr/lib64. libnvidia-ml.so in TDK package is a stub library that is attached only for build purposes (e.g. machine that you build your application doesn't have to have Display Driver installed).
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The only helpful text it gives is that I should always run with libnvidia-ml.so in /usr/lib and /usr/lib64, and the files are both in the appropriate location. I’m concerned that a user may have preformed an update that is causing the hangup, but I’m not sure where to begin searching for a solution. I can still compile and execute CUDA code, so the problem seems to be limited to nvidia-smi.

Any input on where to search for problematic files would be appreciated.

I thought I had solved the problem by reverting my K20m driver version to 304.54 (the version bundled with CUDA 5.0) which solved the problem running nvidia-smi. However, I still get the above error (failed to initialize nvml) when I run any code that links against nvml.h. The language of the warning seems to imply that the problem comes from my libnvidida-ml.so needing to be the version supplied by the driver I have installed (304.54). When I check the shared objects in /usr/lib and /usr/lib64, they both point to the 304.54 versions (see bwlow), so I am a little confused.

$ ls -la /usr/lib64/libnvidia-ml*
lrwxrwxrwx. 1 root root     17 Jul 17 11:08 /usr/lib64/libnvidia-ml.so -> libnvidia-ml.so.1
lrwxrwxrwx. 1 root root     22 Jul 17 11:08 /usr/lib64/libnvidia-ml.so.1 -> libnvidia-ml.so.304.54
-rwxr-xr-x. 1 root root 394792 Jul 17 11:08 /usr/lib64/libnvidia-ml.so.304.54

Am I misunderstanding the wording of the warning? I am trying to avoid completely reinstalling CUDA 5 but I fear I may have no choice.

This question was answered successfully on StackOverflow. In case anyone else has the same issue.