If I purchase SLES with the unlimited VM license does that mean I can run SLES inside all the VMs?

This is probably an idiotic question, but I’m a bit confused. I’m going to be purchasing a dual CPU server and want to get the unlimited virtual machines license for SLES. If I did do that, does that mean I’m allowed to run SLES in all of the virtual machines on that particular host or do I have to use OpenSUSE LEAP instead as the guest operating system?