in order to install 5.50 gen-b2 on your psp, you will need a pandora battery and a magic mem stick. for the pandora battery, you can either buy one or softmod one using a psp that already has cfw. however, only psp-1000s and psp-2000s with a ta-085 motherboard are capable of softmodding pandora batteries.
for the magic mem stick, you will need to download and run rains ultralite mms maker. it is very easy. you can download it here:
Rains UltraLite MMS Maker for 5.00 M33-4, PSP Hacks - PSP Slim Hacks
once you have these two things, you will be able to install the custom firmware you desire.