RACE! PSP is a Neo Geo Pocket and Pocket Color Emulator for the PSP. The latest version is 2.16
RACE PSP 2.16 Changelog:
Time Rewind feature: map ‘Special: Rewind’ to any PSP button in the Controls menu to enable. See documentation for more information
Save state format has changed: RACE! PSP will still read the older save state [...]

Akop has today released RACE! PSP 2.16, RACE! PSP is a Neo Geo Pocket and Pocket Color Emulator for the PSP. New features include a time rewind feature, handy if you just hit the game over screen. You can now rewind a bit and try again.
RACE! PSP 2.16 Changelog:

Time Rewind feature: map ‘Special: Rewind’ to [...]