I found a link on the Sony forums leading to the psp-media message board that stated something like this:
To view the full psp-media thread click hereLOOK ITS REAL (this is not made by me i take no credit!) Me and my friends have started working on a PSP downgrader and so far it works about 50:50. we bricked one of our psps and botched another making it 1 out of 3 psps sucessfully downgraded from 2.0. I would like to anounce that we will be releasing it in about 2-3 weeks or whenever we get it more stable. We will be keeping you guys updated as it progresses but for right now, here is a screenshot.
And here's the screenshot: