I haven't seen this mentioned yet but here's what is on Cummins' website as to the differences between the two engines.
What’s the difference in the HO engine?
What did we do to make the HO engine 305 horsepower and 555 lb-ft torque? First we beefed up components such as the pistons to handle this power level. We used gallery-cooled pistons which receive an oil spray to for cooler temperature and longer life. Then we modified software to create the greater horsepower and torque, while staying within all engine and driveline parameters.
What’s the difference in the HO engine?
What did we do to make the HO engine 305 horsepower and 555 lb-ft torque? First we beefed up components such as the pistons to handle this power level. We used gallery-cooled pistons which receive an oil spray to for cooler temperature and longer life. Then we modified software to create the greater horsepower and torque, while staying within all engine and driveline parameters.