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These are the latest builds as of July 11th, at 8pm PST.  There's no version/revision system in place yet, so we'll just call these 'Build 001'.
 

Source: ps2pc002_src.zip
Win32 Binary:  ps2pc002_bin.zip
   
Source: ir5kte_src.zip
Win32 Binary:  ir5kte_bin.zip

PS2PC is a Win32 build of the dynrec compiler which translates x86 code fragments into MIPS R5900 code (for the PSX2).  The options are self-explanatory.  PS2PC will currently stop compiling when it hits a jump instruction (opcode E9h).

IR5KTE is known as "Interactive R5900 Tiny Emulator" which I've developed as a tool to test the dynrec core in PS2PC.  You can interactively change registers, step through instructions, dissassemble, dump memory, etc.  It's quite handy.

REMEMBER: The PSX2 is LITTLE endian (like the original PSX)!  It is the same as the x86!