Been a while since I used PSP, but IIRC, start a vector layer, go to the shapes button, pick elipse, draw your circle or ovoid, then choose the text button, put your cursor over the shape...cursor should change, type text...if it's on the outside of the ellipse, goto edit shape...there's a setting there to make it move to inside the shape, can't remember what it is though...damn.
Anyway, that's about all I remember...you could always do it one letter at a time also...sometimes the best regs are done that way. Hope this helps.