UPDATE: It’s out! You can jailbreak your Apple TV 2 running the latest 5.0.1 firmware by following this tutorial.
Finally, we have some good news for you. Although there is still no sign of Apple TV 3 jailbreak, it seems that Apple TV 2 owners will soon be getting an untethered jailbreak for their black boxes updated to the latest Apple TV 5.0.1 firmware.
nitoTV tweeted that he had successfully tested pod2g’s untethered jailbreak for Apple TV 2,1 5.0.1 (4224)/5.1.1(9B206f). He didn’t give any ETA but he is working hard to release it as soon as possible.
w00t @pod2g untether for AppleTV 2,1 5.0.1 (4224)/5.1.1(9B206f) tested and working! NO ETA ON RELEASE, PLEASE DONT ASK ATV2 ONLY!!!!!
— kb (@nitoTV) May 23, 2012
In case you don’t want to wait until the untethered jailbreak is out, you can tether jailbreak your Apple TV 2 running the latest firmware using FireCore’s Seas0nPass 0.8.4 right now by following this tutorial.