FireCore’s Seas0nPass jailbreaking tool has been updated for Apple TV 2 running latest firmware 5.0. It’s still a tethered jailbreak, meaning every time there is a need to reboot your Apple TV, you will have to connect it to a computer. XBMC, Plex, Remote HD, Rowmote and Overflow plugins are not yet working on AppleTV 5.0. Media Player, Couch Surfer, nitoTV, Last.fm, Weather, RSS Feeds and Maintenance are already supported. Non-working items require an author update for 5.0 compatibility.
Apple TV hacker and developer nitoTV has recently shared some thoughts on the Apple TV 2 5.0 (iOS 5.1) and Apple TV 3 jailbreak. According to him, without an A5 bootrom exploit being found, an Apple TV 3 jailbreak “will be an uphill battle.” That’s mainly because the “attack surface” on Apple TV is much smaller: