Subjective Reality Simplified
"Objective Reality (OR) is the perspective that you’re the character in the dream world, and the dream world is solid, real, and objective. An OR person wouldn’t normally think of the physical world as a dream at all — they accept the (socially conditioned) notion that the dream world is reality itself. The objective world itself is seen as the basis for knowledge. Note that there can be no proof whatsoever that this is how reality actually works; it’s one giant unprovable assumption. It’s also not falsifiable.
Solipsism is the perspective that you’re the character in the dream, and the dream world is either a projection of you, some other kind of illusion, or simply unknowable. Other people are not real in the same way you are. Your own mind is the basis for knowledge. Even though it’s impossible to prove it wrong because solipsism is not objectively falsifiable, many philosophers dislike solipsism because they see it as a philosophical dead end. I tend to agree. If you want to learn more about solipsism, the Wikipedia entry on it is quite thorough.
Subjective Reality (SR), as I describe it, is the perspective that your true identity is the dreamer having the dream, so you are the conscious container in which the entire dream world takes place. Your body-mind is your avatar in the dream world, the character that gives you a first-person perspective as you interact with the contents of your own consciousness. But that avatar is no more you than any other character in the dream world. This perspective is also not objectively falsifiable, so it cannot be proven wrong. However, I find it a very rich and empowering way to interact with the dream world of reality on multiple levels.
Do OR and SR contradict each other?
This depends on your perspective.