Welcome to the Community,
yes, Essentials as well as Essentials plus licenses allow 2 physical hosts with up to two processors each. The number of VM's and the resources you assign to them is only limited by the available resources and the technically supported maximums. Even the free Hypervisor would work for your requirement. It allows up to 8 vCPUs, but keep in mind that it allows limited access to the API which prevents you from using e.g. VM based backup applications.
See also KB article VMware KB: Licensing for vSphere 5.5
André