In the Ubuntu console window, open the following file in your editor of choice:
sudo vim /etc/default/grub
Uncomment the following line and set another resolution for it, for instance 1024×768:
GRUB_GFXMODE=1024×768
Next, write this new information for the next boot with the command:
sudo update-grub2
And then reboot to see the effect:
sudo shutdown -r 0
Very simple, very easy. Thanks, works great. (ubuntu 12.04, VB 4.2.0 on Win7)