Roger,
Pretty much as Ian Parkin says.
I would clamp your round at 90 deg. to the mill table using an angle plate (assuming as you have a small Horizontal mill you will have neither a vice large enough to hold 1.5inch dia, nor anything to hold an end mill vertically.)
Mill the first flat at what ever your required depth is by adjusting the knee height.
Rotate the round 180deg and reclamp with packing in the flat just milled (a piece of square lathe HSS will do) so that it is above the table. the untouched end needs packing with the same size HSS + the gap left between the table and your round so that the round is parallel to the table as before.
Adjust the table height for the correct depth of cut
Mill your second flat.