I'm adding K50IJ to the title, because I've the same problem...
An additional note: when I was using Natty I where able to mute the laptop speaker unmuting "front channell" and then switching it to 100%: doing so the internal speaker where muted, and the external headphones where unmuted...now in Oneiric regulating front channel changes internal speaker and external headphones in the same way.
I'm adding K50IJ to the title, because I've the same problem...
An additional note: when I was using Natty I where able to mute the laptop speaker unmuting "front channell" and then switching it to 100%: doing so the internal speaker where muted, and the external headphones where unmuted...now in Oneiric regulating front channel changes internal speaker and external headphones in the same way.