How can I use a matrix as label in the xymatrix environment?
I tried to nest matrices (naively) but it seems to be rather complicated.
\xymatrix{
A \ar[r]^{\xymatrix{f \\ g}} & B
}
No, you can't; but you can use \substack, provided by amsmath:
\documentclass{article}
\usepackage[all,cmtip]{xy}
\usepackage{amsmath}
\begin{document}
\xymatrix{
A \ar[r]^{\substack{f \\ g}} & B
}
\end{document}

An alternative is the smallmatrix environment:
\documentclass{article}
\usepackage[all,cmtip]{xy}
\usepackage{amsmath}
\begin{document}
\xymatrix{
A \ar[r]^{\left[\begin{smallmatrix}a&b\\c&d\end{smallmatrix}\right]} & B
}
\end{document}

\ar[r]^{f}_{g}– egreg Jul 13 '12 at 17:04