The answer is one state for two people with the Palestinian right of return guaranteed. One man one vote South African style...

Correct. Dr. Ralph Bunche was the mediator, if I recall correctly. Keep in mind however, that the Security Council has two avenues through which to pass resolutions. Those resolutions passed under Chapter VI of the United Nations Charter are nonbinding and unenforceable. Only those resolutions passed under Chapter VII are binding and enforceable. But war trumps all, and Israel's absolute rights as a sovereign state were cemented both de jure and de facto due to Arab stupidity. Israel's legitimacy as a nation is not in question. It's good to have things that one can always count upon. The Arab decision-making process, such as it is, would be one of those things.