I wonder if there is any possible upgrade-path or is a migration the best way to go?

If migration: how do i start?

What we currentliy sit on:

SLES 10 SP2 x86 with OES 2 SP2 on a hp server (no VM)

What we want:

SLES 11 SP2 x86-64 bit with OES 11 SP1 (VMware ESXi 4.1)

Thank you for your CPU-time! :)