This paper presents a new ultrasonic motor in which the rotor rotation speed is locked by the phase-velocity difference between the two traveling waves propagating on the stator and the rotor. First, the unique construction to excite two traveling waves both in the stator and the rotor is described. Then, the operation principle of the present motor is revealed by our careful experiments. Dynamics of the two traveling waves are measured by an in-plane laser Doppler vibrometer under various conditions, as well as the motor performances. Our experiments show that the rotation speed of the motor is equal to the phase-velocity difference between the two traveling waves on the contact surfaces of rotor and stator. It is confirmed that the rotor rotates so as to cancel the phase-velocity difference between the traveling vibrations along the circumferences of the rotor and stator. If the load does not exceed the maximum torque that is determined by the vibration amplitude, the rotation speed is subject only to the phase-velocity difference.