Since you have only two vmnics, if you need network redundancy, the recommended configuration will be something like the following:
1) One single virtual switch with both vmnics;
2) A separated VMkernel for each type of traffic, i.e: one for Management and another for vMotion, and remember to assign different VLANs (and subnets) for each port groups.
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Richardson Porto
Senior Infrastructure Specialist
LinkedIn: http://linkedin.com/in/richardsonporto