Here is a step by step guide: Installing MorphOS is what this guide is all about. The MorphOS CD which comes with your PegasosII have some errors on it and can confuse you so hopefully this guide can help clearing up a few things.
MorphOS v1.4 installation guide
About The Author
Eugenia Loli
Ex-programmer, ex-editor in chief at OSNews.com, now a visual artist/filmmaker.
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Thanks for getting this information out to everyone.
Nice, clean and simple.
Only question!!!
Is it more or less stable than amiga-os??
The prior version of morphos was not.
“But if you do want to shut down. It is like your old Amiga. Just shut it down. But for now, do not do that.”
???!!!! So should I or shouldn’t I shut down?
“???!!!! So should I or shouldn’t I shut down?”
I guess he says that because the guide is not ended at this point
On the next page you have some information on how to configure it,… So why shutting it down before having configured everything ? 
what a crazy graphic that is at the top of the page. It looks like it’s mooooving.
One of the things I loved showing people was how well the Amiga OS partitioned drives, if you ever used Parition Magic you’ve seen a poor copy of it. It sounds like MorphOS is still in beta.