The JPCSP Team have released a new version of their Java PSP emulator. The project is now closed sourced, and the new update are mostly technical.

r1064 - added io ctl cmd 0×01010005 (umd file seek set, issue 88)
r1063 - fixed interpretation of Z for 2D Vertex, tested with 2DStudio.
r1062 - sceIoPollAsync() should yield in all cases to allow the async IO to complete (completes only on thread switch).
r1061 - fixed “ArrayIndexOutOfBoundsException: Sector number 126031 out of bounds.” (Issue 74).
r1060 - implemented VUC2I, VC2I, VUS2I, VS2I - Fixed VH2F - Fixed disasm of VFPU Instructions currently implemented

You can grab download link and view more info on the project below:
[Download JPCSP v0.02]