 Solution

The flavour states $K^0=d\bar{s}$ and ${\bar{K}}^0=s\bar{d}$ have definite Strangeness and are distinguished by flavour-sensitive production or decay. The propagation states diagonalize the effective Hamiltonian $H_{\mathrm{eff}}=M-i\Gamma /2$; their complex eigenvalues give a pole mass and a decay width. The common flavour combinations specified in the source assume the usual CPT-symmetric two-state description and are normalized with $|p{|}^2+|q{|}^2=1$.

Choose the phase convention $CP|K^0⟩=|{\bar{K}}^0⟩$. If mixing conserves CP, $p=q$ can be chosen, and the symmetric and antisymmetric combinations are CP even and odd. More generally the equality must be understood with the corresponding flavour-state phase convention; $|p|=|q|$ alone is not a statement fixing an arbitrary written phase.

The almost CP-even state decays rapidly to two pions, whereas the almost CP-odd state is largely restricted to slower channels such as three pions. Their very different lifetimes are easier to distinguish than their tiny mass splitting, motivating the names $K_S^0$ and $K_L^0$. In the source's first notation the subscript $L$ means light, not long-lived: the light state is identified with the short-lived kaon, and the heavy state with the long-lived kaon. Below, $\ell ,h$ label light/heavy to avoid that collision.