Download:
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Windows 11 ISO
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Ventoy
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Ventoy VHD boot template
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VirtualBox (portable)
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Rufus (portable)
Diskpart:
Create and mount 50GB VHD
diskpart
create vdisk file=c:\win11.vhd maximum=51200
select vdisk file=c:\win11.vhd
attach vdisk
Rufus:
Write Windows 11 ISO as Windows To Go image (GPT and UEFI) to the VHD.
Diskpart:
Unmount 50GB VHD
detach vdisk
VirtualBox:
Create a Windows 10 VM with the existing c:\win11.vhd.
Change VM Settings > System > Motherboard > Enable EFI.
Boot until language selection and shutdown VM.
Ventoy:
In Ventoy choose Option > Partition Style > GPT.
Under Device choose your USB-drive and click Install.
Explorer:
Manual format the created Ventoy partition as NTFS.
Place win11.vhd on your NTFS formatted Ventoy partition.
Place ventoy_vhdboot.img in ventoy folder on Ventoy partition.