New hostmaster installs are currently broken on 0.2/HEAD since the hosting module (and hostmaster.profile) expects provision to be installed alongside it in the platform, which is no longer a requirement. This issue tracks that particular problem. We have to port hosting to that new paradigm before 0.2 can be installed from scratch again.
In the meantime, it's still possible to install 0.1 and then setup 0.2 platforms. You need to install 0.1 completely, and then replace hosting with a HEAD checkout, physically remove the drush, provision and cvs_deploy modules from the hostmaster directory, and then run update.php. You will need to then remove the symlink to drush.php in the root directory, and configure the drush_path to the drush 2.x drush.php location (which should generally be in ~/drush). Provision 0.2 (HEAD) will need to be installed in ~/.drush/provision. You will also need to reverify your platforms.
See also the instructions in that comment and the 0.1->0.2 upgrade docs issue. Note that we are also working on rewriting the install docs with all those goodies, so any help in improving / fixing the install instructions is welcome.
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As I mentionned in a later
As I mentionned in a later post, this is now fixed and people are welcome to try out HEAD. I have wrote about the upgrade and install instructions for those who need that. :)