Seas0nPass, the popular jailbreak tool for the 2010 Apple TV (720p) has just received an update that will allow it to jailbreak the latest Apple TV software. Apple has just released the Apple TV software update taking it to version 5.0.1; it is actually version 5.1.1 inline with other iOS devices but Apple still files the version numbers differently for whatever reason. Unfortunately the jailbreak is a tethered type which means if your device needs to be rebooted, it will need to be plugged into a PC or Mac as part of the reboot process.
Seas0nPass 0.8.4 released. Adds [tethered] support for ver. 5.0.1 (iOS 5.1.1) on ATV2. ATV3 update still in progress
Unfortunately there is still no sign of a jailbreak for the 2012 Apple TV (1080p), that is still in progress and must be proving a little tricky as its taking quite a while to get out. Strangely enough, the lack of an Apple TV (1080p) jailbreak is pushing the resale value of the Apple TV (720p) up to nearly double its original price in some cases. eBay has been awash with them recently and they appear to be selling for much more than their original price.
If you have a 2010 Apple TV (720p) and need help jailbreaking it, be sure to check out our full how-to guide.