Looks like Fanjita and Ditlew have fixed a major bug with the latest eLoader release, dubbed Bock, specific to but not limited to firmware 2.0 PSPs. If you were having problems running eLoader, then try downloading and installing the new alternative version, as the menu caching appears to have posed a problem in the initial release. Read Fanjita's comments below for more information. Great work Fanjita and Ditlew, we appreciate your hard work!
Here's what Fanjita has to say:
"A lot of people have been having problems with the Bock release, especially on v2.0 PSPs. These problems seem to be mostly due to the menu, so we've packaged a version of the release that uses the old menu. This will also be better for people who have had a problem with the file list caching feature.
Apart from the menu, this version is identical to the standard Bock release, including all the wifi support."
Download the Alternative Bock eLoader from PSP3D here http://psp3d.com/eloader097_nocache.exe