Less known Firecore group has just launched Seas0nPass that can jailbreak Apple TV 2G on latest 4.1.1 (iOS 4.2.1) firmware just in few clicks. The process of creating custom firmware using Seas0nPass is quite similar to PwnageTool for iPhone and iPod Touch, but this one is Apple TV specific, and it also allows you create custom IPSW files and then restoring them in iTunes. It will even download the firmware (IPSW) if you don’t have it saved on your computer.
Of course, Currently this jailbreak tool for the 4.1.1 (iOS 4.2.1) software a tethered jailbreak which requires you to connect AppleTV 2G to computer during startup. You should be careful when you install custom firmware on your AppleTV 2G.
Download Seas0nPass to Jailbreak Apple TV 2G Running iOS 4.2.1 From Here. Currently, Seas0nPass is a Mac only tool. Stick around and we will keep you updated when the Windows version of Seas0nPass for iOS 4.2.1 jailbreak is released.