For 5.01 your only route is pandora.
Look on the bottom of your PSP for a barcode label. Please confirm that the number under the label indicates that your PSP is a 1000-series. If you live in America then it should be 1001, Japan 1000, etc. As a phat it should be 1000 and thus not contain a t88v3 mobo. A slim (2000 -series) has a small chance of having this mobo and one of the new whatever-they're-called's (3000-series) all have t88v3 mobos. The t88v3 is not upgradable to CFW yet.

Google for 'psp service battery' and find a place that sells the orange service batteries for cheap. You want a reliable vendor, of course.
then
http://www.pspmod.com/forums/psp-software-guides/28540-release-catb50-teams-magic-memory-stick-creator-v2-0-full-lite.htmlGet the latest 'full' version. It should install 3.80 M33-5. You can update to a more recent version after this.
You need to have an authentic MS PRO Duo to do this. Preferred brands are Sony or SanDisk, but the stick must be PRO Duo, not just Duo. I'm also told that sticks larger than 2gb sometimes have problems due to access speed during the install. If you're concerned about your stick's compatability you may want to put in for a really small Sony MS PRO Duo. The small ones are ridiculously cheap. You can get a 1GB Sony for about $10 + s/h or just find one at WalMart or something.
then
Once you've created the MMS using the installer:
(order of steps is important here)
*Power down the PSP. Unplug it and remove the battery.
*insert the 'Magic' MS
*Insert the service battery
*The PSP will boot into service mode and load the updater from the memstick. Text should appear onscreen.
*Plug in AC power cord. It's important not to lose power during this operation.
*Select the option to install the custom firmware 3.80 M33-5. It takes a few minutes but you should see messages onscreen during the process. Keep an eye on it and make sure they all report 'OK'.
*Once it's done select the option to reboot the PSP
Once the PSP is booted up go ahead and shut it down, remove the service battery and MMS. Insert your normal battery and memstick. You are now free to reformat the MMS and use it as a normal memstick. This process deletes all of your internal settings, so go back in and set the date/time/user name, etc.
When ready plug in your AC power and when your battery is at 80% or higher select the network update option from the network menu on the PSP. It should connect to Alex's site and update your PSP to the latest CFW version.
Your PSP can now run homebrew, as well as a couple other new features.