90mm M41 vs T-54

Gunner AP tank!

M82 armor piercing does 6dx12(2) pi++.

That will punch DR 504 on average.

The frontal armor on a T-54 turret is DR 881.

SPANG, zip.

M332 armor piercing hard core does 6x21(2) pi++.

That punches 882 DR on average.  1 point makes it in!

Thunk!

T142E3 high explosive squash head does 6dx18(0.5) pi++ with a linked 6dx5 cr ex.

On average the round penetrates DR 189 and the explosion, being in contact does the maximum of 180; combined they don't penetrate.  BUT!  That 180 does 18 points of damage against DR 9; meaning that 9 points of damage is dealt to everything inside the turret as a scab of armor is spalled off and starts bouncing around.

M431 high-explosive anti-tank does 5dx5(10) cr ex with a linked 6dx2 cr ex.

That will punch 875 DR on average, just barely not penetrating the front turret armor.

Against the hull glacis, things go better with the lower DR 551.

M82 AP still doesn't penetrate.

M332 APBC gets 165 in.  This is bad for the T-54!

T142E3 will get 18 vs 6 and have 12 points of damage bouncing around.

M431 deals 32 penetration.

Shooting the other direction...

Front turret armor on an M48A2 is 716 DR and the hull glacis is 606.

BR-412 armor piercing explosive does 6dx14(2) pi++ with a linked 6d+2 [3d] cr ex.

It will punch an average of 588 points of DR... failing to penetrate the M48's front.

BR-412B armor piercing high explosive does 6dx20(2) pi++ with a linked 6d+2 [3d] cr ex.

It will reliably punch DR 840.

62 penetrates the turret, 117 penetrates the hull.  Then the explosion goes off... inside.  BAD.

3BK-5 HEAT does 6dx5(10) cr ex.

That penetrates 1,050 DR!

33 penetrates the turret and 44 the hull.

These tanks are pretty equally matched.

Where the M48A2 wins is better gun stabilization, superior ranging and fire control.  It will hit more often than the T-54 and likely will do it from farther away.