The simple valence bond method is formulated in terms of fermion spin waves. For linear chains, rings containing 4n+2 atoms, and polyacenes, we obtain a close formal correspondence to molecular orbital theory of the Pariser-Parr-Pople type. This correspondence however is not obtained for large condensed ring systems, rings containing 4n atoms, and non-alternants (molecules for which there is indeed relatively poor agreement between VB and MO ground state results).