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The simplest way would be to take the Downtown B or D trains (of the B-D-F-M, the orange line) from 161st Street-Yankee Stadium to 59th Street-Columbus Circle, which is at the southwest corner of the park.
If you want to get off at the middle or north end of the park, you can take the B. It is a local train and makes 7 stops along 8th Avenue/Central Park West (the portion of 8th Avenue that borders the park is called Central Park West), from 110th Street/Central Park North to 59th Street/Central Park South. The D is an express train and goes straight from 125th Street to 59th Street.
However, the B only stops at Yankee Stadium from 6 to 9:30 AM on weekdays, when the D does not stop there. So, if you want to get off at the middle or north end of the park, but you're not traveling on a weekday between 6 and 9:30 AM, then you'll have to take a slightly different route.
Instead, take the Downtown D to 125th Street, and transfer there to the Downtown B. You can get off the B on Central Park West at: 110th Street-Cathedral Parkway, 103rd Street, 96th Street, 86th Street, 81st Street-Museum of Natural History, 72nd Street and 59th Street-Columbus Circle.
There is no direct train from penn station. You can take the D train from 34th & 6th - a one block walk from penn station 34 & 7th
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