TWRP Ported to the LG Optimus One P500
For those unfamiliar, TWRP stands for Team Win Recovery Project. It’s an open source recovery for Android devices that offers an advanced touch-based UI and Open Recovery Script support, as well as several other features not offered in other recoveries.
This port comes courtesy of XDA Senior Member Ron G, and based on the user response, it is working virtually bug-free on the device. Installation is as simple as flashing the provided file from your existing recovery.
You can find more information, the complete feature list and the download link in the forum thread.