Nope, its stainless. I thought it was, after looking at the muzzle end, and the matte areas below and above the muzzle looked like they did on my other ultimate stainless, but not like my nickel. So I got it, and it is a bright stainless, in excellent shape. The "S" wasn't well struck, and didn't show up well in the seller's photos, but here is a closeup I just took.
ETA: Thanks to Gunkwazy for letting us know about this one!