A lot and a little and the terminology takes a bit of getting used to. (And what's the singular of AdWords too for that matter?!). AdWords is Google's proprietary advertising service that produces those prim text-only ads on the right hand side of its search results page. All revenues from AdWords ads that show on Google go to Google.
AdSense is Google's syndication program for its AdWords ads. Any AdWords ads that are syndicated out to third party website do so via Google's AdSense program. Ads seen via the AdSense program are AdWords ads posted on third party sites.
So AdWords are the ads. AdSense is the syndication program.
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