I have a Peavey 5150 II head and a B-52 AT412 cab. I had previously been using my cab in mono with my old B52 head, but i just recently bought the Peavey and have no clue what ohms i should set it to. The two stereo imputs on the cab have 8ohm symbols under each one. And the peavey can be set to 4ohm, 8ohm, and 16ohm.

What ohm setting should i set it to?
Match ohms.
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Does it have a 4ohm, 16ohm and 2 - 8ohm jacks with a toggle switch to switch from mono (4 or 16) and stereo (the 8's)?

Unless you are running two different heads I don't see any reason for running in stereo. Is that what you want to do?

If you plug your 5150 into one of the stereo 8's and set your amp at 8 then you would only be using 1/2 of the cab.

ie - just use the 4 or 16 ohm settings matched and do mono.
the amp has two speaker outputs. i have both outputs plugged into each input on my cab.