How do I wire this motor with 240V?
Do I just replace hot/neutral with hot/hot? 


Absolutely not! You have a vital step to complete before you can do that.

Note that the bottom picture would have been a little better if you had pulled the cord up so we could see the numbers on the white plastic block.

In this motor, you are working with two sets of wires, the electrical cord and a pair of jumper wires that go to the motor windings. These are the white and brown wire that go from the spade terminals on the white block down inside the motor (designated by arrows below). 

Referring to the label, for conversion to running on 220/240V power:




The brown motor winding wire needs to be disconnected altogether. It gets removed from spade terminal #2 and pushed into what they refer to as the #6 pocket.
The white motor winding wire gets pulled off the spade connector on connection #4 and moved over to the spade terminal #2
The 240V power then needs to have each hot connected to it's respective LINE terminal in the pressure switch. The factory wiring between the pressure switch MOTOR terminals and the white motor terminal block for terminals #1 and #4 should be left alone


Basically, you are taking a pair of windings that run in parallel for lower resistance at 120V and changing them to run in series so the coil winding has higher resistance for 240V.

Note: Amended point 3, power input connects to the pressure switch, not directly to the motor...