It might be normal - it depends what settings they are using.
It also highly depends if these vps's are inside Xen or OpenVZ or other containers.
I know one thing is certain though - it is rare for a host to have all their machines "exactly" the same - host's often fill the servers differently based on what plan you select - so even though it shows less cpu it might actually be more that you can burst too.
I would run a cpu benchmark on the 2 vps's though - /proc/cpuinfo (which is where that data comes from) is often wrong inside vps containers anyway - the actual amount might be higher or lower, thus the importance of a benchmark (google byte unix benchmark for good free benchmark software).
It's normal in the sense that the second provider is giving you a smaller piece of the pie (CPU) for their own reason. But VPS cost is directly correlated to resources. For example, based on what you have provided you should be paying more or less half of what you're paying at VPS1.