I would separate ViewModels used by web project and DTO's used by business layer.
The reason is that probably you don't need property ShowAdminLinks
or some dropdown values in business layer. So business layer knows only about the data it needs to know.
This way you get yourself clean multi-tier application. Of course it means you got to do a bit more coding with creating and setting DTOs values. Some use automapper for that, but i prefer not to. Why? It's not too hard to do it manually and better yet - no magic.