  An SU(2) gauge theory with two fermions transforming under the adjoint
representation of the gauge group may appear conformal or almost conformal in
the infrared. We use lattice simulations to study the spectrum of this theory
and present results on the masses of several gauge singlet states as a function
of the physical quark mass determined through the axial Ward identity and find
indications of a change from chiral symmetry breaking to a phase consistent
with conformal behaviour at beta_L ~ 2. However, the measurement of the
spectrum is not alone sufficient to decisively confirm the existence of
conformal fixed point in this theory as we show by comparing to similar
measurements with fundamental fermions. Based on the results we sketch a
possible phase diagram of this lattice theory and discuss the applicability and
importance of these results for the future measurement of the evolution of the
coupling constant.
