How to connect to GNS3 from Local Windows System?

This article also tries to answer the following questions:
1. How to connect to remote topology running on GNS3 VM?
2. How to access Mikrotik Routers running inside GNS3 VM from Local System using Winbox?

=> Steps to follow:
1. Install OpenVPN Tap driver. Download and Install the OpenVPN Client.
2. Check the following:

By default the connection is showing Unplugged. See the TAP #1 in the given snap. Its up. You need an UP interface. To set the connection up, do the following:

Open Properties- Advanced and Change the following:

And you are done. Now to connect to Remote Topology running on GNS3 VM do the following shown in the snap:

And that's all.

Using a "Microsoft Loopback Adapter" also accomplishes the same thing.