  This paper reports results on simultaneous measurements of the reaction
channels pp -> pK+\Lambda and pp -> pK+\Sigma^0 at excess energies of 204, 239,
and 284 MeV (\Lambda) and 127, 162, and 207 MeV (\Sigma^0). Total and
differential cross sections are given for both reactions. It is concluded from
the measured total cross sections that the high energy limit of the cross
section ratio is almost reached at an excess energy of only about 200 MeV. From
the differential distributions observed in the overall CMS as well as in the
Jackson and helicity frames, a significant contribution of interfering nucleon
resonances to the \Lambda production mechanism is concluded while resonant
\Sigma^0-production seems to be of lesser importance and takes place only
through specific partial waves of the entrance channel. The data also indicate
that kaon exchange plays a minor role in the case of \Lambda- but an important
role for \Sigma^0-production. Thus the peculiar energy dependence of the
\Lambda-to-\Sigma^0 cross section ratio appears in a new light as its
explanation requires more than mere differences between the p\Lambda and the
p\Sigma^0 final state interaction. The data provide a benchmark for theoretical
models already available or yet to come.
