Licensing is a bit of a dark art and the vendors are a bit prone to making up the rules as they go along, but this is my understanding of oracle.
1. Oracle only officially support Oracle virtualised on their own hypervisor.
http://www.oracle.com/us/technologies/virtualization/index.html
2. Oracle licensing refers to hard and soft partitioning - hard partitioning is something that main frames can do to physically isolate CPU power. Soft partitioning is what hypervisors offer - vsphere, hyper-v xenserver ...etc type 1 and 2 hypervisors are in this category.
3. If you virtualise a oracle server and you are using vsphere or any of the other hypervisors you must have oracle licenses for each physical server socket for each server that the VM could reside on - in efffect a license for each cpu socket for each server in the cluster - you cannot only license for the number of vCPU's you give the VM - so oracle becomes very expensive to virtualise.
You may find this from vmware of interest.
http://vmware.com/solutions/partners/alliances/oracle-vmware-support.html