Steps to reproduce:

• start Creator with clean settings
• add Qt 4.8 (including kit) and Qt 5.2.1 (including kit) [Qt4.8 is self-compiled on my machine, Qt5.2.1 is released package or self-compiled]
• create Qt Quick UI (using Qt Quick 1.1) and Qt4.8 kit
• switch to Designer - Designer complains about missing qmlpuppet in Qt4's bin folder
• create Qt Quick UI (using Qt Quick 2.2) and Qt5.2.1 kit
• switch to Designer - Designer complains about incompatible qml puppet version

Note: Qt4 never had a qmlpuppet - Creator used the qmlpuppet inside Creator's bin folder for Qt Quick 1.
Regarding Qt5 / qml2puppet issue: former versions of Creator stated to update qml2puppet by compiling it manually with the used Qt. (but anyway, this shouldn't be the 'normal' way of using qml2puppet, as many customers want to use it out of the box)