Yes this should be very easy, in fact it's no different than setting up a regular ssh tunnel
so host is your ubuntu box and user is the username assuming openssh server is running on port 22, and you want to open an SSH listener on port 4141 on the guest machine.
ssh user@host -p 22 -D 4141
Now the only trick to this working is that the guest machine has to be on the same network or have access to the Ubuntu host, so you would have to have the guest either bridged or NAT'ed to the host.
Hope that helps.