Create a Windows VM on MacBook Pro M1 chip

You can't. There is not a M1 version of Windows available.

It's coming.

Parallels recently released a legitimate (non-Beta) version of Parallels Desktop 16.

This would allow you to install a Beta version of Windows for ARM. You would need to sign up as a Microsoft "insider".

There is currently NO support for Boot Camp.

Not recommended for production.

https://9to5mac.com/2021/05/03/the-super-easy-guide-for-installing-windows-on-m1-macs-using-parallels-desktop-16-for-mac-video/

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