It's buggy, it's slow and it will only run a few demos but still a PS2 emulator has been released.
PCSX2 is now available for download from the developer web site (follow the download tab above).
According to the developers "Well I will try to catch up some questions.First of all pcsx2 don't run Ps2 games yet! And of course it is far from doing this.So pcsx2 don't run GT3 get it?:) So what pcsx2 is? pcsx2 is a try to emulate sony's beast.Of course it isn't so easy as it might seems.So far you can consider pcsx2 as a develop tool althought i suggest don't use pcsx2 as a tool for writing your ps2 dev stuff :). Consider the opinion that pcsx2 have bugs and we wrote this emu by reverse enginnering ps2 demos that might have bugs too :)
Hope you enjoy pcsx2.."
Probably some VU code
bios execution (for not need to use HLE :P )
better GS (where are the plugin developers???)
Work on IOP
finish cpu core
How Can You Help?
We have leave the debug info on in the release. That are stored to "emulog.txt" .Wanna help then run the demo and if it doesn't work then send us the txt.that can help as more.. Also there is a debugger there so you can even debug the code for us.