I don’t have a M150 V1 to compare with. But I have the M150 V2. 
M150 V1 UI:
M150 V2 UI:
Enter and exit Lock-out mode:
From off:
Hold for 3 seconds until you see 3 fast flashes. Release.
Switch between Mode Group A and Mode Group B:
From off:
Hold for 5 seconds until you see 3 fast flashes followed by 3 slow flashes. Release.
Which mode is the flashlight in?
From off:
Single click on. The flashlight should be on. If the flashlight turned on momentarily and then off when you released, then you’re in Lock-out mode (exit lock-out mode!).
Single click again. If the flashlight turned off, then you’re in Mode Group B.
Mode Group A
There are more details on:
Mode Group B
From on, you can hold to ramp up between the enabled steps. Each step can be toggled off and on. The order from lowest to highest is L2, L1, M2, M1, H2, H1, T2.
M150 V1 UI ramps up from Low to Turbo and down to Low?
From off:
Single click to turn on. This enters the last memorised step.
Hold for a few seconds to enter L2 (or the lowest step).
Double click to enter Turbo.
From on:
Hold to ramp up between the enabled steps.
Double click to enter Turbo.
Triple click to Edit Mode Group B steps.
Edit Mode Group B Steps:
From on:
By default 4 of 7 steps are enabled (L2, M2, H2, T2). The flashlight will cycle through from lowest to highest: L2, L1, M2, M1, H2, H1, T2 while editing. A red light will appear if that step is enabled.
Click once to toggle a step on or off. The red light will turn on or off.
Hold for one second to save your preferred steps. You should see 3 fast flashes and the flashlight will remain on.
You can now ramp up between your preferred steps.