Here are a few good links documenting the upgrade of Hyper-V R2 clusters to SP1 including a list of updates and hotfixes related to this combination. Please also read the warning at the end!

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The following spreadsheet filters updates and hotfixes for Hyper-V and Cluster:

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http://www.hyper-v.nu/wp-content/uploads/2011/04/Hotfixes-and-Security-Updates-included-in-Windows-7-and-Windows-Server-2008-R2-Service-Pack-11.xls

WARNING AND DISCLAIMER:

I would like to stress that upgrading to SP1 is not something that should be taken lightly. Make sure your backups are secure and you know you can restore those backups.

So far our test upgrades have been fairly easy and without any problems. Cluster Validation completed 100% successfully. We are using HP Blade Servers and HP EVA 4400 storage in our testing environment.

I also advise you to make an upgrade plan before performing the actual upgrade. Read all the stuff you can get and document current configuration and check which guests must be upgraded depending on their workloads.

Several reports have reached me with cluster validation errors after the upgrade. If you get these, leave a comment under this blog (with a short description of your server/storage config).

See also this thread on the Windows Server – High Availability (Clustering) Forum about the Cluster Validation errors with SP1:
http://social.technet.microsoft.com/Forums/en-US/winserverClustering/thread/e67026af-7f9b-4698-9ca7-11853431ed86/

Update 3/29/2011: Problem has been acknowledged by Microsoft. They are working hard to create a fix as soon as possible