Also you can run cmd.exe, type
lame --longhelp and read the output:
QUOTE
VBR options:
-V n quality setting for VBR. default n=4
0=high quality,bigger files. 9=smaller files
-v the same as -V 4
--vbr-old use old variable bitrate (VBR) routine
--vbr-new use new variable bitrate (VBR) routine (default)