When creating a new virtual machine, which option specifies that an operating system will be installed later?

The option that specifies that an operating system will be installed later is "Install operating system later." This choice clearly indicates that the setup process will not include an immediate installation of the operating system, allowing the user to create the virtual machine without proceeding to the OS installation step at that moment.

This is particularly useful in scenarios where a user may want to configure the virtual machine settings first or customize it in a specific manner before proceeding with the OS installation. It provides flexibility and caters to various installation preferences, especially in server environments where multiple virtual machines may be set up in advance before the actual OS is applied.

The other options present different implications regarding the installation of an operating system, but they do not convey the intent to delay the OS installation as clearly. Therefore, "Install operating system later" stands out as the precise terminology for deferring the OS setup process.