FireCore’s Seas0nPass has been updated to provide a tethered jailbreak for Apple TV 2 5.0.1 (iOS 5.1.1). Tethered jailbreak means that every time there is a need to reboot your Apple TV, you will have to connect it to a computer. Functionally, both tethered and untethered jailbreak are identical.
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.
Patchstick.ca, a creator of Patchstick – software enhancement for the first generation Apple TV, has just announced that their first product for Apple TV 2 – Installer – is currently being tested and will be released very soon (“no later than February 15th, possibly a few days earlier”). Installer will allow you to install and maintain 3rd party plugins (such as Overflow, XBMC, Groovy, Exposed, Plex, BT Stack and others) with the click of your remote.