I have installed the latest version or virtumart and I am looking to my customers have two options. Option 1 is the type of material they want to use and then based off of that choice option two will give them the color choices available. I am not looking to do a child parent product setup. I just want them to be able to choose for example 2-Mil Wrap Material or Avery Wrap Material. And then the colors 2-Mil comes in Black, White, Red, Blue and Avery Comes in Black, White, Red, Blue and Carbon Fiber. Is there anyway to do this with custom fields?
Basically child products ARE custom fields of parent product.
So you probably need to overcome some challenges and legalize somehow using parent/child trick in your project.