I compile my C++ source code with Visual Studio 11 Developer Preview. I statically link to the runtime library.
The resulting executable cannot be executed on Window
Visual Studio 2012 will be able to target Windows XP later in 2012:
Targeting Windows XP with C++ in Visual Studio 2012
"Later this fall, Microsoft will provide an update to Visual Studio 2012 that will enable C++ applications to target Windows XP. This update will make the necessary modifications to the Visual C++ 2012 compiler, runtime, and libraries to enable developers to create applications and DLLs that run on Windows XP and higher versions as well as Windows Server 2003 and higher."
Edit: This has now happened (phew!)