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To initialize the database, you should run initdb as the "pgsql" user
(if you want to use your locale for collation, edit ~pgsql/.profile
and set the locale to your preference first).

Example:

  su -l pgsql -c initdb

You can then start PostgreSQL by running:

  /usr/local/etc/rc.d/010.pgsql.sh start

For postmaster settings, see ~pgsql/data/postgresql.conf

NB. FreeBSD's PostgreSQL port now by default logs to syslog
    See ~pgsql/data/postgresql.conf for more info

For more tips, read ~pgsql/post-install-notes
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Specific for the 7.4.1 update:

   A dump/restore is *not* required for those running 7.4.

   If you want to install the fixes in the information schema you need to
   reload it into the database. This is either accomplished by
   initializing a new cluster by running "initdb", or by running the
   following sequence of SQL commands in each database (ideally including
   template1) as a superuser in psql, after installing the new release:
DROP SCHEMA information_schema CASCADE;
\i /usr/local/pgsql/share/information_schema.sql

   Fixes to the information schema (from HISTORY):
     * Fix information schema for bit data types (Peter)
     * Fix information schema view constraint_column_usage for foreign
       keys (Peter)