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Licensing difference b/w VMware and Windows

Need to understand best config can be used for licensing to be done for all windows VMs. Like XP, Win7,Win 8,Win 2003,Win 2008,Win 2012.

How can we minimize licensing cost for Windows running on VMs.
Any best config to be done for CPU
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Lee W, MVP
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For you?  No idea - what are you wanting to virtualize/how?

In general, licenses are downgradable.  So you buy a 2012 R2 license and you can use whatever edition / version equal to or lower than the license purchased.  

The host doesn't matter - VMWare or Hyper-V, the licensing is the same.
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David Johnson, CD
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For Servers, the best value for money is a Microsoft Server Datacenter License.
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Thanks