domic:
Well, while that will work it is definately not the way to go as each new update to Zenphoto will overrite your version.
nsiotto:
Take a look at the files in your zenphoto/cache folder. What watermark do they have. If the correct one, then either your browser or your server is caching the images and needs to be cleared. If the wrong one, then this folder needs to be cleared. Just delete it.