After trailing for most of the second half, Tennessee tied the score at 64-all on a hustle play down the stretch Jordan Bowden missed a 3-pointer, but Hubbs chased after the rebound, kept it from going out of bounds and passed to Williams for a layup with 2:52 left.
Following an Ole Miss turnover, Hubbs' driving layup put the Volunteers (14-10, 6-5) ahead for good with 2:08 remaining.
Ole Miss' final basket of the night came from Breein Tyree with 3:56 left as the Rebels (14-10, 5-6) crumbled down the stretch.
This game represented a stunning role reversal from the first meeting between these two teams. Tennessee blew a 13-point lead in the final 15 minutes of an 80-69 loss at Ole Miss on Jan. 17.
Jordan Bowden scored 14 points for Tennessee and made a critical 3-pointer that gave the Vols a five-point edge with 53.5 seconds left.
Ole Miss and Tennessee headed into this matchup tied for sixth place in the SEC and eager to break out of the logjam in the middle of the league standings. Half of the SEC's 14 members entered Wednesday with either five or six conference losses.
Ole Miss overcame a shaky start to take a 38-34 halftime lead.
After making its first shot of the game with a Terence Davis 3-pointer, the Rebels missed 10 straight field-goal attempts to fall behind 10-3. Ole Miss worked its way back into the game and pulled ahead for the final five minutes of a first half that featured five lead changes and a combined 17 turnovers.
Tennessee tied the game at 43-all on a Hubbs jumper with 15:22 left, but the Vols wouldn't make another basket for nearly 7 1/2 minutes.
Ole Miss regained its four-point edge by getting dunks from Marcanvis Hymon on consecutive possessions. The Rebels would stay in front until the last few minutes.
Ole Miss: A couple of critical turnovers haunted Ole Miss down the stretch. Ole Miss led 64-60 with less than 3 1/2 minutes left when Tyree lost control of the ball and allowed it to go out of bounds as he was driving toward the basket. The lead was down to 64-62 when Davis traveled on the Rebels' next possession. Ole Miss' lead vanished for good soon thereafter.
Tennessee: Even as Tennessee struggled to make baskets in the second half, the Vols stayed close by drawing fouls and getting into the bonus with over 13 1/2 minutes remaining. Tennessee was 25 of 36 on free throws, including 17 of 27 in the second half. Ole Miss was 13 of 16 on free throws, including 6 of 8 in the second half.
Ole Miss hosts Auburn on Saturday.
Tennessee hosts Georgia on Saturday.