  A new high precision measurement of the reaction pp -> pK+Lambda at a beam
momentum of 2.95 GeV/c with more than 200,000 analyzed events allows a detailed
analysis of differential observables and their inter-dependencies. Correlations
of the angular distributions with momenta are examined. The invariant mass
distributions are compared for different regions in the Dalitz plots. The cusp
structure at the N Sigma threshold is described with the Flatt\'e formalism and
its variation in the Dalitz plot is analyzed.
