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Do I need separate Windows Server licenses for each Hyper-V virtual machine?

I am building a new server and plan to install Windows Server 2008 R2 Enterprise.  I will create multiple virtual machines using Hyper-V.  Each virtual machine will be installed with Windows Server 2008 R2 Standard.  Do I need separate Windows Server 2008 R2 Standard licenses for each virtual machine that I create?  I can't find any good documentation on this.  Links to an official Microsoft website with explanation of the licensing would be appreciated!

Thanks!
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Thank you all for the quick responses!
If you need more than 4 VMs, it is cheaper to use a single processor host and a Datacenter license. A Datacenter license on a dual CPU host is cheaper at about 7 VMs. Datacenter is licensed per processor, whereas Enterprise is licensed for the whole box, 1-4 CPUs. That is why I specifically mention a single processor host with Datacenter.