[xubuntu] Unable to install Ubuntu 64-bit although host is 64-bit

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http://ubuntuforums.org – I'm running into a strange problem. I'm trying to create an Xubuntu 12.04.1 VM, in my VBox 4.1.20 installation which is running on Xubuntu 12.04.1 64-bit version. The purpose is to have a "throwaway" test system on which I can experiment without risk to my production system. However when I go to install, after creating the VM with all the correct options chosen, 1-GB RAM and 8 GB virtual disk, I get an error dialog that claims the required hardware settings are missing and must be set in the BIOS, so 64-bit systems cannot be installed! It's running on one, so this message is quite c (Hardware)