Translation please!

“Slip two stitches together knitwise, k1, psso”

Do I pass both slipped stitches over the knitted stitch or just the top one?

Here is a link to the pattern:

http://www.bavgirl.com/2007/07/knitting_overload.html

It is near the middle of the page. I would appreciate any insight!

Thanks!

Pass both stitches over. Insert your right needle as if you were going to k2tog, then k1 and pass both st over. The middle st of the 3 should be on top.