What is Microsoft SharePoint Portal Server?

SharePoint Portal Server is a portal server that connects people, teams, and knowledge across business processes. SharePoint Portal Server integrates information from various systems into one secure solution through single sign-on and enterprise application integration capabilities. It provides flexible deployment and management tools, and facilitates end-to-end collaboration through data aggregation, organization, and searching. SharePoint Portal Server also enables users to quickly find relevant information through customization and personalization of portal content and layout as well as through audience targeting.

What is Microsoft Windows SharePoint Services?

Windows SharePoint Services is the solution that enables you to create Web sites for information sharing and document collaboration. Windows SharePoint Services " a key piece of the information worker infrastructure delivered in Microsoft Windows Server 2003 " provides additional functionality to the Microsoft Office system and other desktop applications, and it serves as a platform for application development.
Office SharePoint Server 2007 builds on top of Windows SharePoint Services 3.0 to provide additional capabilities including collaboration, portal, search, enterprise content management, business process and forms, and business intelligence.