I have found this guide on notebookforums.com on how to undervolt your pentium M cpu. It is a fantastic guide and works great.
My old cpu voltages were:
600mhz=0.988v
2ghz=1.340v
My new lower voltages are:
600mhz=0.700v
2ghz=1.100v
At 600mhz the fan does not come on at all any more (even when at 100%load at 600mhz)
The guide can be found here.