After many months of unofficial CM7 ports, LG Optimus One has finally received official CyanogenMod support. The nightly builds of CM 7.2 for LG P500 are now available on CM mirrors.
At present the nightly builds are a bit buggy but they are improving with every build, almost 1 new build per day. 
Once the bugs are ironed out, a stable release will be made.
Download the nightly builds of CM7 for LG Optimus One P500 here.
P.S. – The official CM7 builds are for the new baseband only.
For this CyanogenMod requires high speed network connect? How much is prefferable for this?
Tanmoy, I did not understand completely. Can you explain?
I just installed cyanogenmod 7.2 with the same steps you mentioned, and it was ok (except my google services, that means my contacts, market etc, where i used Titanium Backup, to bring them back.
The only problem it remains is the android market app. As soon i try to download something from the market, i get an error saying “com.android.vending stopped, try again”. I tried a lot (older versions, clear cache, fix permissions… ) but nothing. Any ideas?
@Nikos
You must download Google Apps. It contains the Android Market and all other Google Apps.
When you have installed the ROM Manager,
then go to “Download Rom” and then select Google Apps. Download it and install it but don’t format /system.
@Nikos – You can find the GAPPS package at the end of the following CM7 wiki page.
http://wiki.cyanogenmod.com/wiki/Latest_Version
Hi, I am using CM7 nightly build 7 released on 20 Jan 2012… It feels great, made my so fast… Nice features.. Mostly I would say it is one of the best nightlies out there, though I still have to try most of them…
Some bugs which i found:
1. Missing – decline a call with a message feature…
2. inbuilt search in contacts page..
Other than that it is fantastic..
i’m using mik’s cm 7.1.0 with “2.6.32.42-franco.Kernel.v18 mik@mik-desktop #7″. the mod version says ‘cyanogenmod-7.1.0[Thunderg-KANG’. so baseband do you thin i’m using..the old one or the new one?
CM 7.20 Ver.:29
This morning, awakened by the phone. Then he went to stand by. And then I could not unlock because the image is received.
http://kepfeltoltes.hu/view/120214/screenshot-1329202967108_www.kepfeltoltes.hu_.png
How does it differ from the unofficial cyanogenmod?