Last week I reviewed Puppy Lucid, derived from Ubuntu 10.04 LTS. Today I tested the Puppy Precise beta2, Ubuntu 12.04 LTS derivative. A slightly bigger file (142 MB), you can get the iso from http://distro.ibiblio.org/quirky/test/precise-5.2.60/. Like Slacko and Lucid, it booted nicely and fast. The desktop interface is usual puppy linux.
Applications installed are similar to Puppy Slacko.