If both computers have the same workgroup name, you can just share the printer from one workstation.
Generally, you can set up a printer on one computer, and allow it to be shared. You can right-click on a printer in "control panel/printers and faxes", and select sharing, then allow the printer to be shared.
From the second computer, open 'control panel/Printers and Faxes' amd either click "add a printer", or right-click in the folder and select "add printer". Whichever works - I tend to forget. Next select "network printer or printer attached to another computer", and you should be able to browse for the printer. If the other computer doesn't appear under the workgroup name in the printer browser, click 'back' and type in the name of the computer in the "connect to a printer/browse for a printer..." box and try that. Computers name are specified with a pair of backslashes first, like: \\[computername]
To find a computer name, click start, then right-click on "my computer" and select properties. There is a "Computer Name" tab that will give you all the info.