nullDC-Naomi SVN r123 is released. nullDC-Naomi is an open source NAOMI Arcade System Emulator. It will NOT run Dreamcast games.

nullDC-Naomi SVN Changelog:
r121
PuruPuru:

-. Added NAOMI support.
r122
drkPVR:

-. Reverted r119 since even with the option it breaks compatibility with older cards.
r123
PuruPuru:

-. Added missing file from r121
-. Added 2nd player for NAOMI

Download: nullDC-Naomi SVN r123
Source: Here