VHBL for Vita 2.61 is released. Half Byte Loader is a project to build an easy to port user-mode homebrew loader for game exploits.

How to install and use Half Byte Loader:
1. Install the Patapon 2 Demo
2. Connect PSP with USB
3. Copy the “hbl” directory and the “h.bin” file to ms0: (copy them to the root)
4. Copy UCUS98732_DATA02 (Patapon 2 SAVEDATA) to ms0:/PSP/SAVEDATA
5. Copy your homebrew to ms0:/PSP/GAME
6. Load the demo, load the hacked save, load your homebrew.

As I type this, I believe the exploited game for this release, Jikkyu Powerful Pro Yakyu 2012 Ketteiban, is still available on the JP PSN store. The Game is fairly expensive and probably didn’t attract so much attention. If you really want to run emulators on your Vita, it might still be possible for you to get that game. VHBL is a homebrew loader running inside the PSP emulator on the Playstation Vita. It lets you run PSP homebrews, including several emulators (SNES, NES, GBA, etc…), but will not let you run PSP isos, let alone pirate PS vita games. Many thanks go to developer 173210 for his work on his exploit, and for providing the result of this work to the community. I’ll go with the typical disclaimer: VHBL comes free of charge and with no guarantee whatsoever. In order to run VHBL, an exploit is required, and exploits exist in commercial games that you need to buy from the PSN. When you buy such games, you buy the game, not the exploit, not the promise that VHBL will work for you.

Download: VHBL for Vita 2.61
Source: Here