1 - Download
5.50 EBOOT and
XGEN UPDATER V2.
2 - Rename the 5.50 EBOOT to exactly 550.PBP and copy it to the root of the memory stick.
3 - Extract the XGEN UPDATER V2, and place the UPDATE folder into the GAME folder inside the memory stick.
4 - Run the updater VIA XMB Game menu.
5 - Click on "Flash Install CFW 5.50 GEN-B2". this will then format the Flashs, load all modules of the updater, and then install it.
6 - When finished, press X to reboot, or O to shutdown.
This app runs on any CFW, and can update your PSP to 5.50 GEN-B2 directly without any patches.