I read about frontier orbitals, namely HOMO, LUMO. But what's exactly HOMO/LUMO? I know HOMO stands for highest occupied molecular orbital and LUMO stands for lowest unoccupied molecular orbital.
But I am not getting which orbital is to be tagged as HOMO, and which as LUMO. Consider the example of $\ce{O2}$, highest occupied MO is $\pi^*_\mathrm{2p}$ and lowest unoccupied MO is also $\pi^*_\mathrm{2p}$. Which orbital is HOMO/LUMO? Is $\pi_\mathrm{2p}$ the HOMO and $\pi^*_\mathrm{2p}$ the LUMO? If so, why? There is a similar case with $\ce{B2}$.