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John KingFlag for Canada

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Hyper-V Licensing - Host Product Key and VM Use

I have a server with a Windows 2008 R2 Enterprise license on it.   I understand it will allow unlimited VM's ( barring resources) under license using it's product key but can I install Windows 2008 R2 Standard Edition in the VM's or does it have to be the same edition to use the host product key?
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Ok, forget that number of VM licenses. No worries there as we only plan on having two VM's.  The real question is can I use use the host product key to install a different version of the same OS, in this case standard edition.

irweazelwallis,  I do not know the kind of license as this server is provided by a hosting provider, they have agreed to allow the key to be used in the VM's.  I assume they have a volume license.
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