FireCore Team has updated Seas0nPass to bring support for the Apple TV 2 iOS 5.0.1 (iOS 5.1.1), there is no support for Apple TV 3.The new update brings iOS 5.1.1 untethered jailbreak to Apple TV 2.
The Apple TV plugins which are supporting iOS 5.0.1 includes Maintenance,Rowmote,Couch Surfer,Media Player, RSS Feeds, Weather,XBMC,Nito TV whereas Overflow and Remote HD are not working.
All thanks to Pod2g and his team as because of the hard work of Pod2g that iOS 5.1.1 untethered jailbreak was possible.
To Jailbreak your Apple TV 2 then you can check here.
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