Ok, I tried VMWare Player with WinXP SP3, and still did'nt work. Tried allmost 6hours total to get that thing working... Then I went and bought new USB-Serial Adapter and it was just Plug'n'Play, even did not have to mess with any virtual modes.... SHhhh.
An update for an old post. Here's a trick to get iBeat2.1 running in your Windows 10. https://helpdeskgeek.com/virtualization/how-to-set-up-a-windows-xp-virtual-machine-for-free/