I have a few issues with Mountain Lion that mean I need to have occasional access to a Lion installation. I have bootable clones of my old Lion install before I upgraded, but sometimes I only need to run a single application and rebooting from another disk is a pain, so I would like to be able to fire up an instance of Lion as a virtual machine.
The Lion license allows for VM installs (up to 2 I think), so there should be no issue from a licensing perspective, but I don't know how to go about actually doing it.
I have access to Parallels 7 (although I have never used it, got it as part of a software bundle recently), and I would happily use VirtualBox if that's the easiest way. I have seen a few tips for creating ones within VMWARE, but I don't have access to this software.
So, starting from a point of having access to the Lion download, having the installer image within that download extracted onto a USB stick, and also have a bootable copy of a working Lion image, what is the simplest way to get a clean minimal Lion install working within either Parallels or VirtualBox on Mountain Lion?