Instructions
Turn off your Sony PSP Slim by holding the sliding power button up for five seconds. Hold the "right" trigger button and turn the PSP back on. You will be presented with the PSP Slim recovery menu.
Select "Configuration" from the recovery menu. It is the second option down. You will be presented with a new screen.
Select "Game Folder Homebrew" on the new screen until it reads "1.50 Kernel." This is the second option down. Select "Back" to return to the recovery menu's main page.
Select "Exit" to reboot the PSP. When the PSP reboots, it will be running the 1.50 kernel. Your homebrew folder will now be "GAME150," which is in the "PSP" folder on your memory stick.