The void fractions, flow regimes, and pressure drop of air-oil two-phase flow in a half-inch diameter pipe over a wide range of test conditions have been investigated. The flow regimes were identified with the aid of a 1000 frames per second high-speed camera. A capacitance sensor for instantaneous void fraction measurements was developed. The mean and probability density function of the instantaneous void fraction signal can be used to effectively identify the different flow regimes. The current flow regime data show significant differences in the transitional boundaries of the existing flow regime maps. Property correction factors for the flow regime maps are recommended. The pressure drop measurements were compared to the predictions from four existing two-phase flow pressure drop models. Though some of the models performed better for certain flow regimes, none of the models were found to give accurate results over the entire range of flow regimes.