You can do both. It depends how you do the backup ..
Hope that helps.
So, can I install on Hyper-V and a Virtual Machine with the one license?
Not sure on this, I will probably need to check with someone.
So you mean the VM is running on the same host, right? And what license do you have?
So for this scenario, it looks like you need 2 licenses as you are protecting 2 different machines (host and VM).
In case you were not aware, we also have the Virtual Edition; this is 1 license that can be installed on the Hyper-V host and on an unlimited number of VMs running on that host. However, if you are only interested in 1 VM, it probably is not cost effective to go down this route - I just wanted to make you aware that this is available.