VMware used to have different limitations for the free Hypervisor, but as far as I remember there has never been one for the number of physical processors. Most of the limitation have been lifted with ESXi 5.5 anyway (see http://kb.vmware.com/kb/2064117), and from my personal experience I can confirm that the free Hypervisor license works for single CPU hosts as well as for multi CPU hosts.
If you are still not convinced, you can easily verify the behavior by creating an ESXi VM on your host (or in VMware Workstation) with a single vCPU, applying the Hypervisor license, and then adding additional vCPUs.
André