Again, we can say September' 2009 is rich in events for Oracle.
After Oracle database 11gR2, OEL5.4, one more proof, Peopletools 8.50, waited for a while is released !
Go through http://edelivery.oracle.com/ to do download
Go through http://download.oracle.com/docs/cd/E15742_01/psft/html/docset.html for the installation doc !
Update 19-SEPT-2009 :
The patch 1 is now available on the usual ftp website with the password protection getting from My Oracle Support.
PT8.50 has also been announced on the Peoplesoft Technology blog.