If I had to venture a guess, based on logic grafted to knowledge og how Magneto's powers work, I would say that it's primarilly his magnetic powers affecting the traces of base magnetic minerals in the body, thus he pretty much just lifts himself.
And yes, Magneto does have very minor telepathic abilities, not on a level with a true Psi or anything, mostly an offshoot of learning how to focus his mind (learned from Xavier, I think) combined with his indomibable willpower (which allows him to mess with true Psi's who attempt to play with his mind, unless they are really powerful like Xavier or Jean, I don't think - for example - that Rogue has ever successfully drained his powers. Which is silly, because I doubt Magneto's indomidable willpower is greater than Logan's, who she has leeched multiple times over the years.)
But yes, he controls more than just magnetism, but all forms of electro-magnetic energy waves to one degree or another.