networkn:nathan:networkn: I got this back via email from NZL@microsoft.com
"Unfortunately we no longer have SBS 2011, what you can do is to purchase SBS 201 OEM license you can get this from OEM companies like Dell, Acer etc.
Once you have SBS 2011 you will have a Windows server 2008 and you can use that as a Guest.
Seems based on that it's a legal configuration, as it should be.
If you have Premium you can install Windows Server a host and use SBS as a guest
If you have SBS Standard you have to run SBS on the metal
I have premium and want to run SBS on the metal and the 2008 as a guest.
I can't see why MS would care from a licensing perspective if I did this, since I have used each license 1 time.
I'm not sure on the why, but the Product Use Rights are documented here
If you have a server running Hyper-V (or other virtualization technology) which was purchased and licensed separately, you can run the SBS 2011 products as a VOSE on that host. This is supported both from a licensing and a technical perspective. You cannot use the SBS 2011 Essentials or SBS 2011 Standard server as a Hyper-V host or to run the RDS server role. You may use the Premium Add-on to run the Hyper-V server role and host VOSEs and run the RDS server roles and all its role services, e.g., RD Session Host
Virtualization and the Premium Add-On.
You may install and use one copy of the Premium Add-on server software as a POSE or a VOSE on a licensed server. If run as a VOSE, you may run an additional instance of the operating system on a physical machine in order to run hardware virtualization software, provide hardware virtualization services, or run software to manage and service operating system environments on the licensed server. This server software must be run joined to an SBS 2011 domain. All other VOSE workloads require their own license.