The private pilot certificate qualifies a person to act as pilot-in-command of an aircraft carrying passengers and baggage. The certified private pilot (who holds no other certificates or ratings) may only fly under visual fight rules (VFR) --only under good weather conditions-- and may not receive compensation for his/her services. 
 

There is no license required for the ultralight pilot. The ultralight pilot may operate a single place (two seat ultralights have not yet been approved by the FAA) between the hours of sunrise and sunset and may not carry passengers 
 

The private pilot certificate takes anywhere from four weeks to four months to complete, depending on the frequency of training. Students who train two days per week can expect to spend up to four months to complete their 
certificate. The cost is $2,500 - $4,000. 

Dual Instruction: $85 - up 
 

The ultralight pilot training takes anywhere from one week to eight weeks to complete, depending on the frequency of training. Students who train two days per week can expect to spend about five weeks to complete their 
training. The cost is $500 - $1,000. 

Dual Instruction: $55 - up 
 

The FAA requires the student to log a minimum of 40 hours. However, most students require approximately 60 hours to achieve the necessary proficiency. 

Eligibility Requirements: FAR 61.103

     * 17 years of age; 
     * Read, speak and understand English; 
     * Hold at least a third class medical; 
     * Pass a written exam; 
     * Pass an oral and flight test. 
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The FAA does not require ANY training for you to fly ultralight aircraft... (Common sense tells you this would not especially be good for your continued good health) 

Eligibility Requirements: FAR Part 103

"Quote from FAR Part 103" 
Operators of ultralight vehicles are not required to meet any aeronautical knowledge, age or experience requirements to operate those  vehicles or to have airman or medical certificates. 

***Please keep reading!!

The USUA pilot program requires 10 hours training before they will issue you a USUA pilot certificate. There is no requirement for you to join the USUA pilot program but before USUA instructors are supposed to give you your first flight, to cover liability issues, you are required to join the USUA student pilot program. ($5.00) 
See the page on U.S. Ultralight Association Pilot program requirements for more information.

Experience has shown that it takes about 10 hours for the average person to become minimally proficient in flying ultralights.