Native installation is based on kexec. Default Maemo kernel however doesn't have support for it so it needs to be replaced first. Compile fremantle kernel with following patches.
Instructions for compiling Maemo kernel can be found from: Maemo kernel guide
Create a symbolic link on N900 so that existing kernel modules will be used with the new kernel.
cd /lib/modules ln -s 2.6.28-omap1 2.6.28-omap1-kexec-patched
Flash the patched kernel:
flasher -f -k zImage-kexec-patched
Install kexec-tools user space application from Maemo-extras repository.
Install Meego image on external micro mmc card.
sudo moblin-image-writer <image-file>
Connect external micro mmc card.
Run kexec
kexec -l /boot/zImage-2.6.33 --command-line="init=/sbin/init rootwait root=/dev/mmcblk0p1 rw console=ttyS2,115200n8" sync kexec -e