Microbudding, there are several different techniques.
"Tolley's microbudding" uses rather small angled budwood in otherwise normal budding operations, using standard budding techniques. It's a way of using the tricky thin budwood that is usually discarded.
"V Budding" is described here
http://books.google.com.au/books?id=EX_kYBTu8ZsC&pg=PA23&lpg=PA23&dq=v+budding&source=bl&ots=ofK97F-kOU&sig=NBKv3nwhtdYKFT0JY44afgw6o00&hl=en&ei=x22fTdaCJ8vXcerjhekB&sa=X&oi=book_result&ct=result&resnum=1&ved=0CBYQ6AEwAA#v=onepage&q=v%20budding&f=false
Micro T and Micro Chip are minature budding methods, basically scaled down versions of normal methods. They look pretty similar to V Budding above except that in Micro Chip you place the bud on the stock in a normal chip bud fashion,(between the stock buds). In Micro T budding you cut a tiny T bud, and make the normal T cuts on the stock. Inverted Micro T budding, ie making the T cut upside down seems easier to me, and also the stock must open up very easily to fit the bud.
In my experience the petiole should be removed.
Buddy Tape makes any micro work a lot easier, as tying in the bud is probably the hardest part.