I have been working on a simular issue with VMWare when Update 2 came out. It was in relation to snapshots with quiesced turned on. Check out form Windows 7 and Windows2008R2 VM BSOD ntfs.sys and KB2115997.
We have not installed Update 3 yet to fix the issue so I have emailed the engineer I have been working with and seeing if he has any insight into the issue. You may want to see if turning off quiesce snapshots and seeing if that works. If so, reinstall the VMWare Tools without the VSS Writer. The issue we are having is related to the fact that Update 2 changed the VSS Writer and was causing our Windows servers to BSOD when snapshots were created. They were suppose to roll back to the old VSS Writer in Update 3 to fix this issue. That rollback may have caused some issues. However, I am only speculating here as we have not updated to Update 3 yet or experienced the issue when snapshots are deleted only when created.
