Seas0nPass has been updated and it now supports a tethered jailbreak of the latest Apple TV iOS 5 software versions 4.4, 4.41 and 4.42. Unfortunately the jailbreak is a tethered solution which means if you have to reboot your Apple TV it will need to be connected to iTunes before you can use it again. Not that much of a deal for the Apple TV as reboots should be few and far between.
If you have been holding off for a jailbreak before updating your Apple TV, it may be a good time to do it. You are missing out on some great new features like AirPlay Mirroring, Photo Stream, Trailers, National Hockey League and Wall Street Journal Live.
If you do decide to update and jailbreak a word of warning, if you use Plex or Rowmote these plugins are not working with iOS 5. Also XMBC will only work if you use the nightly builds.