Windows Failover and Load Balancing confusion

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http://serverfault.com – In the next couple months we are looking to add Failover and Load Balancing to our environment. We will have 2 servers that are Hyper V Hosts. We are looking to have an IIS App server and SQL Database server on both of the hosts. That way if one box fails, the other will be there to take it's place. Now my confusion comes from some google searches I have been making. From what I can tell, there seems to be SQL clustering / Peer to Peer transaction setup, as well as Hyper-V clustering. I'm not sure what would work best in this situation. The hosts will also have random other servers such (HowTos)