Working emulation and an Eboot Loader on 2.50 had been a hope of many gamers for a long while, with many potholes in the road to victory, and now it seemed that homebrew on 2.01+ PSP's was a not to distant reality. From Super Nintendo emulators to the amazing games we see developed in our forums, homebrew for 2.01+ gamers was about to be a realization. Well today we are here to tell you of something great that has been released that is sure to have the faces of version 2.01 and 2.50 PSP's gamers glowing with excitement.You can find the files and installation guide over here.
Sony PSP firmware 2.50 hacked

Fanjita has finished his new loader for Sony PSPs with firmware 2.01 and higher. This program, called eLoader, enables you to run homebrew games and software.