static page to front page

One of the new features of WordPress (2.1) is:

http://wordpress.org/development/2007/01/ella-21/
“• You can set any “page” to be the front page of your site, and put the latest posts somewhere else, making it much easier to use WordPress as a content management system.”

But I couldn’t find how to do this in the Admin.
Anyone know how to make a static page your “home” page?