I sold 6 GM Mar08 22.50 Puts for $209.50 in an IRA account.  That is an 18.59% annualized return.  A little less than my goal of 20% but this is GM. 

I sold Feb08 25 puts for GM last month that expired worthless.  The price is down a little since then and there has been past support around 22.50.  I have never owned GM stock but have made just about $7,000 from selling Puts on it.  I will probably roll this one out if need be.  On the other hand, I might let it be put to me and sell covered calls while collecting the dividend.