The difference between the Sportster 22WMR and the Ultra Varmint is in the stock and the barrel. The Ultra Varmint has a laminate stock and a bull barrel (instead of a synthetic stock and standard weight barrel) making it about $70-$80 more expensive. The nice things about these NEF rifles is that you can always upgrade them later with additional barrels and stocks when you have some extra cash. If you don't like the synthetic stock, you could sell it (here or on eBay) for more than the price to replace it with a walnut stock. If you want the laminate stock you'll need a little more cash.
What kind of varmints will you be after and at what distance?
If you're on a tight budget and you don't already have a 22LR, you may want to consider getting the 22LR Sportster first, then adding the 22WMR barrel (for $59 plus shipping) later. In fact, you could probably get a Sportster with both 22LR and 22WMR barrels for less than the cost of the Ultra Varmint. The money you save in ammunition cost by using the 22LR will eventually pay for the extra barrel. Later, you could even get the 17HMR barrel, and if NEF ever produces one, maybe even a 17 Mach2 barrel.
Moonlitin