Thanks for the feedback. Its a Standard (Microsoft Open) license of SQL Server 2008R2 purchased back in 2012. As stated earlier, we purchased two processor licenses at the time.
I was chatting with someone yesterday regarding this, and their opinion was that I could run up to two VM's running SQL Server 2008R2 with up to 10 cores per VM. So, each processor license could have a separate VM running a maximum # or cores as one of the physical processors have. Or, we could run one VM with up to 20 cores - as long as the number of VM's running SQL Server didn't exceed the number of processor licenses purchases, and as long as the # of cores allocated to these VM's didn't exceed the total number of cores available from two physical processors...
Does this sound correct?