Some developers have modded the Adobe Flash Player to make it compatible for most ARMv6 and ARMv7 ( arm 11 family ) devices. And yes LG Optimus One P500 and another devices now has Adobe Flash working.
Follow the below instructions to get Adobe Flash on your device:
1.Download Flash Player (download url below) from here and copy to SD Card.
2.Make sure you have ‘Unknown Sources’ enabled in Settings –> Applications.
3.Use any File Manager to navigate to the file and install the APK.
The download link I think work only from PC !!
If you want to put on another website/blog/forum DONT CHANGE DOWNLOAD LINK !!