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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!

3 Solutions
Windows Server 2008 R2 Enterprise comes with 4 Virtual machine licenses.  So the answer is, if you have more than 4 windows vms on there then you will need a server license.

Windows Server 2008 DataCenter comes with unlimited virtual machines.
Your Enterprise license will be good for up to 4 VM, which can be either Standard or Enterprise. I build all my VMs as Enterprise because I can use a standard image and I don't need to worry about what kind of role the VM will play. All of my hosts have a Enterprise or Datacenter license assigned to them, so using Enterprise of the VM isn't an issue.
TrialityAuthor Commented:
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.

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