At the time of writing, VM2 does not have an automated installation process like Virtualmin. However, it is relatively simple to install, as it has far fewer dependencies.
To install on a CentOS, Redhat Enterprise or Fedora Core system, the steps to follow are :
yum install perl
yum install openssl openssl-devel perl -MCPAN -e 'install Net::SSLeay'
rpm -U http://www.webmin.com/download/rpm/webmin-current.rpm
perl -MCPAN -e 'install Params::Validate' perl -MCPAN -e 'install LWP::UserAgent' perl -MCPAN -e 'install MIME::Base64' perl -MCPAN -e 'install Digest::HMAC_SHA1' perl -MCPAN -e 'install XML::Simple' perl -MCPAN -e 'install HTTP::Date'
rpm -U wbm-server-manager-*.rpm wbt-virtual-server-theme-*.rpm
Assuming that all of the above steps succeeded, you are done! Open a web browser, and go to http://yourserver:10000/ to login (replace yourserver in the URL with the IP address or hostname of the VM2 master system). If your system has a root password, you will be able to login as root - if not, you can typically login as a user who has permissions to sudo to root).