I'm using an ASUS laptop with Windows 7, and I just installed Ubuntu alongside Windows yesterday, using the no-risk option. I noticed, though, that I can't hibernate Ubuntu the way I did with Windows to save time, and, every time I use Ubuntu, I have to shut down to go into Windows, which has a slow boot.
Is there any way that I could have Windows and Ubuntu hibernated at the same time so I can access both easily (preferably without having to hit a function key within seconds). When I try to hibernate or suspend Ubuntu with Windows shut down, the screen just turns blue and doesn't shut the computer off like a Windows hibernate or sleep.
Hibernating is not supported with the wubi installation.
http://wubi.sourceforge.net/faq.php
You'll have to migrate to a dedicated partition or reinstall properly to be able to hibernate.
If you're using 12.04, Hibernate/suspend is apparently no longer supported or enabled by default, because it has been unreliable :(
See https://wiki.ubuntu.com/PrecisePangolin/ReleaseNotes/UbuntuDesktop#line-52