Team over Firecore has released a new jailbreaking tool ‘Seas0nPass’ which easily jailbreak your AppleTV on latest 4.1.1 (iOS 4.2.1) firmware. Seas0nPass allows you to create custom AppleTV IPSW files and restore them in iTunes like an existing PwnageTool for jailbreaking, iPad and iPod Touch.
Seas0nPass jailbreak utility comes with a simple ‘tethered boot’ option which aids in using newer AppleTV firmwares in absence of an ‘un-tethered’ jailbreak. Currently, Seas0nPassonly supports second-gen Apple TV and is Mac OS specific (Mac: OSX 10.6 or later). However, the team is hard at work to release the windows version of Seas0nPass. Being an open source, we would see lots of enhancements in coming days.