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Infinity Ward with the help of the new studios Activision recently bought (Raven Software and Sledgehammer Games) along with Activision themselves. Add in Beachhead studio and its about 4-5 studios working on the game.
The reason is due to lack of manpower at IW and letting those other studios get used to the CoD franchise. Also if rumors are true, they might also be working on the next Nintendo console version of the game (Treyarch probably would be helping with that one).
Treyarch might also be working on the Wii's version of Modern Warfare 2 if Activision follows the same schedule like with MW 1 on the Wii.
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