Mac OS X Lion (version 10.7; marketed as OS X Lion)

Installing Mac OS X 10.7 (Lion) as a virtual machine in Fusion 4
(http://kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=2005334)

Lion Recovery Disk Assistant

http://support.apple.com/kb/HT4848

http://www.macworld.com/article/161087/2011/07/install_lion_over_leopard.html

http://www.macworld.com/article/161069/2011/07/make_a_bootable_lion_installer.html

http://www.macworld.com/article/161203/2011/07/should_you_clean_install_lion.html

http://www.macworld.com/article/161064/2011/07/installing_lion_complete_guide.html

BaseSystem.dmg

"Install Mac OS X Lion.app" 

InstallESD.dmg

http://osxdaily.com/2011/07/08/make-a-bootable-mac-os-x-10-7-lion-installer-from-a-usb-flash-drive/

http://osxdaily.com/2011/08/02/re-download-mac-os-x-lion-from-app-store/

http://communities.vmware.com/message/1829265#1829265

How to create Lion Virtual Machine using Parallels Desktop 7 for Mac

"it's much easier to simply drag the App Store downloaded "Install Mac OS X Lion.app" or InstallESD.dmg to the New Virtual Machine Wizard -- if you have either of those, it is entirely unnecessary to use a USB drive. (And, incidentally, I still seem to be able to re-download Lion from the App Store only by holding Option while clicking on the "Purchases" button at the top of the App Store window, from either 10.7.0 or 10.7.1. YMMV.)"

http://kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=2009990

Upgrading to Mac OS X Lion in a Virtual Machine To upgrade an existing virtual machine to Mac OS X 10.7: Obtain the Mac OS X 10.7 application from the Mac App Store, or the Mac OS X 10.7 USB media from a retail outlet. Ensure that at least 2GB of RAM is allocated to the virtual machine. Connect the Lion media to the virtual machine: If you are using the USB media, connect the USB DVD drive to the virtual machine. If you are using the Mac App Store, connect the DVD drive to the InstallESD.dmg found in Install Mac OS X Lion.app/Contents/Shared Support. Open the DVD within the virtual machine and launch Install Mac OS X Lion. Allow the Lion upgrade to proceed. When the virtual machine restarts to continue installation, wait for the Apple logo to appear before you shut down the virtual machine (by going to Virtual Machine > Shut Down > Force Shut Down). Go to Settings > General and change the virtual machine type to Mac OS X 10.7: The virtual machine can now be started and the Lion installation completes. Once the installation is complete, reinstall VMware Tools.