Here are the nice words from someone's blog:
"
A host system has a finite amount of memory that can be allocated to
guest virtual machines (VMs). Within the guest, the OS allocates and
de-allocates memory, constantly changing the amount of memory it's
actually using. The hypervisor only sees the allocation of memory from
the guest when the guest tries to read or write to a page of memory for
the first time. The hypervisor is never told when a page of memory is
de-allocated and put on the guest OS's free list. It's not practical for
a hypervisor to monitor each OS's implementation of the free memory
list because it would likely change between each OS version and service
pack. Therefore, the hypervisor only sees the memory use of each guest
grow over time, even though the guest may have stopped using large
amounts of the memory assigned to it.
"
Does it describe your situation?
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iSCSI SAN software