I wrote this tutorial in order to make your ChickHEN R2 run smoothly [in 1 attempt] in CFW 5.03:
I tested this in my PSP 3001 with various changes in settings, on/off options repeatedly.. etc and etc... and finally i made it..lolz.
I recommend you to use original SONY's Magic-Gate MMC of 4GB coz I do all tests with it...

Now, Copy ChickHEN R2 folder into ms0:\PSP\PHOTO\
Here are the steps:
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STEP1:Goto: Settings > Theme Settings > Theme > select "Original"
" " Color > choose whatever you like
" " Background > select "Original"
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STEP2:Goto: Settings > System Settings > Color Space > set "Wide"
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STEP3:Goto: Photo > Memory Stick > ( you'll see the ChickHEN folder) wait for (3 sec) the
Options to appear in the bottom right corner of your psp screen > Select it > with in 5 sec, PSP screen will go green.
You're DONE now!!!
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Thats all people. Hope it worked on your PSP. These step(s) really worked for me and ChickHEN is loading in single attempt. and no freezing of PSP at all...WOW!!...I was testing this for a whole day....lolz
If the above steps didn't worked on in your PSP, then Restore Default Settings and try loading ChickHEN again...
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Regards,