According to this MSDN article I should be able to install Hyper-V Server 2008 R2 as the primary operating system on my computer, then install one or more copies of Windows Server 2008 R2 as virtual machines (Hyper-V again), then configure the VM's to use Dynamic Memory.
If I'm reading this right...
Dynamic Memory is a new Hyper-V feature available in this service pack. It allows the virtualization server to pool memory and dynamically add or remove memory based on virtual machine usage. This allows for higher consolidation ratios of virtual machines on the virtualization server. To use Dynamic Memory, the virtualization server must be running either Windows Server 2008 R2 with SP1 or Hyper-V Server 2008 R2 with this version of the service pack applied.
...the configuration I have should be allowing me to set Dynamic Memory for the two VM's -- but it's not working. The Memory Management and Memory Weight groups aren't even displayed when I select Settings > Hardware > Memory for either one of the VM's.
Is there something else I need to do to create Hyper-V VM's on my server with Dynamic Memory enabled?