You will need Live2D's Cubism Editor 2. There's a free version that you can download over here: http://www.live2d.com/en/download (scroll down a bit for old version)

While the PRO version is no longer available, the free version is powerful enough for you to create a model!

You can definitely use Cubism 3.0. There are just some things you need to take into consideration:

1. The Parameter names should be the same as 2.1's Parameters.
2. You have to have the PRO version to export to legacy 2.1.

Until Live2D is done with their WebGL SDK support, we cannot add support to Cubism 3.

Just follow the images below:

Brian Tsui has created a LOT of video tutorials about Live2D: https://www.youtube.com/user/imst
Here's one to get you started:

After Rigging your model and creating the animations:
1. Open Live2D Viewer. (http://sites.cybernoids.jp/cubism_e/tools/live2d-viewer)
2. Drag the .moc file of the Live2D Model into it.
3. Open the Expression folder in Windows Explorer and select only the .exp.json files and drag them all over to the viewer. That will create an expression folder there automatically.
4. Drag the motions folder containing the .mtn folders over
5. Drag pose.json and physics.json over
6. Project > Write > Settings File
7. Check Relative Path and Write Settings File and then save the stuff as ModelName.model.json (I do not recommend filenames such as Model1.1b or NameModel as it confuses VNMaker sometimes)
8. Import it into VNMaker using the Resource Manager -> Live2D.

After getting the DLC, Just make a new project -> Template: Live2D -> And there would be a sample scene of Haru and Epsilon for learning purposes.

Happy Game Making!

For some reason, changing your system time to a later date (e.g. 2015) and reinstalling fixes this issue. Don't ask us why, we are just as confused as you are. Here's the thread showing all the details: https://forums.adobe.com/thread/1636684

After making and exporting expressions from the Live2D 2.1 viewer. Manually open each expression file and substitute in an additional suffix for each parameter. As follows:

This is what parameters will look like:
{"id":"PARAM_ANGLE_Y","val":12.72}

This is how they need to look:
{"id":"PARAM_ANGLE_Y","val":12.72,"calc": "set"}

Close VNM completely and check the commands again if they pick up the motions and expressions. Sometimes the editor doesn't see it properly.

Until Live2D is done with their WebGL SDK support, we cannot add support to Cubism 3.