http://youtu.be/OU-vr3amAo4
The New 5.0 (iOS 5.1 – 9B179b) tethered Jailbreak for Apple TV 2 is out, and its thanks to Seas0nPAss, they are again the lead to Jailbreak, and brought us with detail on what is compatible and what’s not, Remember that after this jailbreak is done, if you have aTV Flash (Black) you can install without problems, and use there media player for your videos.
(( MUST KNOW ))
XBMC is not yet Compatible with iOS 5.0 a author update require
here are things you need to process this Jailbreak
1. Apple TV 2
2. MicroUSB = $5 to $10
3. Computer Windows XP or higher or MAC OSX 10.6 or higher
4. iTunes 10.5.X
6. Seas0nPass ( Windows / MAC ) http://www.seas0npass.com/
One More thing, you guys do need to SSH nitoTV to this
http://tinyurl.com/7h3r938 ( Windows )
http://tinyurl.com/6p3eetf (MAC/Ubuntu)