Thanks to MKo who answered this question:
http://stackoverflow.com/questions/5098333/vmware-time-sync-problem-ubuntu-guest-on-windows-7-host
If you find that your Ubuntu clock continues to drift, despite having installed the vmwave-tools, here’s a command to fix it.
sudo ntpdate ntp.ubuntu.com
Why rip this off? Because I remember the URL of my own blog a lot better than 5098333.