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Windows Server 2012 Standard & Hyper-V VM Licensing

I purchased a Dell PowerEdge R720 with Windows Server 2012 Standard.  I want to install Hyper-V, but have questions about licensing for two VMs.  Do I need to purchase two separate Windows 2012 Standard licenses for each VM?  I have a spare Windows Server 2008 R2 available, but I am not sure if may use it on this server, etc.
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Nick Rhode
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Windows 2012 will allow you to have 2 VM's with Windows 2012
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So, let me make sure I understand the VM installation process.  When I install each VM will it prompt me for licensing info?  If so, can I use the same license for the host?
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NRhode provided with the exact information I needed.  The article he sent me is what I've been looking for.  Thanks much.