Phase separation in binary liquid Lennard-Jones clusters is investigat
ed employing computer simulation methods. Clusters ranging in size fro
m 50 to 240 particles are considered with special emphasis on systems
with equal numbers of A and B particles. Cluster morphology is systema
tically explored by varying the ratios, alpha=epsilon(AB)/epsilon(AA),
beta=epsilon(BB)/epsilon(AA), Gamma=sigma(AB)/sigma(AA), and Delta=si
gma(BB)/sigma(AA), where sigma and epsilon are the Lennard-Jones size
and energy parameters. A detailed alpha,beta ''phase diagram'' is pres
ented for the case Gamma=Delta=1. Stable phase separated clusters are
shown to fall into two general classes: elongated clusters of cylindri
cal or dumbbell shape, the ends of which are A-rich and B-rich phases,
and spherical coated clusters consisting of a core of one species coa
ted by the other. More quantitative structural information is given in
the form of interfacial density profiles. We also propose two theoret
ical models for phase separation in binary clusters. One is a simple m
acroscopiclike droplet approach and the other is a mean field lattice
model. Both simple models capture many of the important physical featu
res observed in the computer simulations. Together they provide insigh
t into the nature of phase separation in small systems.