What is InPrivate Browsing?

This is like private browsing session. In this browsing the browser will not store any data in history. Whatever you surf in that session will be erase when you close the tab.

It is s new era browsing techniques with any browsing history,cookies etc.

A feature of the Internet Explorer 8 Web browser that lets users surf the Web without browsing history, temporary Internet files, form data, cookies, and usernames and passwords being retained by the browser. This is a more private browsing option that, according to Microsoft, leaves no evidence of your browsing or search history.
http://www.webopedia.com/TERM/I/InPrivate_Browsing.html

private browsing

InPrivate as the name suggest will help you browse in private.If select this option in browser,no records like history will be kept in the system..Once you close the browser all records related to your activity will be erased.