It's been a drama riddled process, with team Touch Droid disbanding over the weekend due to an alleged stolen piece of code for the touchscreen from the Cyanogenmod team. Its not clear what this means for development going forward, considering the team had almost gotten the software working.
Either way, late last week the team posted a "semi-working" build of Gingerbread (Android 2.3.5) for the HP TouchPad. A user posted on their forums;
I have decided to release a system dump from my TouchPad which contains a semi-working build of Android 2.3.5 with working touchscreen on the HP TouchPad. Please use this data and the below steps on installation as you see fit. I hope this release will light a fire under the community to work together on a full working port!
The 11 step process requires interacting with the HP Touchpad using a terminal window to execute linux commands and install Android. The technique also includes a way to recover to WebOS, however the two are not dual bootable just yet. If you're feeling particularly adventurous, and don't mind turning your $99 TouchPad into a $99 paperweight, the steps are outlined here or in the videos in this post.
Don't blame us if you accidentally break your device, but do let us know in the comments if you get it to work!