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How can I get Windows 8 to access the same data as a Linux VM?

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http://superuser.com – I have a computer running Windows 8 and I would like to run a Linux VM on it. I would, preferably, like to create a partition which both Linux (Ubuntu) and Windows can access to hold my source code on it. I would like to have the linux VM read a hardware partition instead of a virtual HD and have Windows also be able to read it (thus, being able to run the same code from both OSes). If I do this, what is the best filesystem to use? Is there a FS which will run optimally for both Windows 8 and Linux? (HowTos)