iH8sn0w released Sn0wbreeze 2.9.2 for tethered jailbreak on iOS 5.1 on Windows.
iH8Snow has now updated Sn0wBreeze to version 2.9.3. Sn0wBreeze 2.9.3 fixes various bugs and has support for Jailbreaking the Apple TV 2G running the iOS 4.4.3/4.4.4 firmware.
official changelog of Sn0wBreeze 2.9.3
Added Apple TV 2 support for iOS 4.4.3/4.4.4.
Fixed rare issues with iOS 5.0.1 where it would halt on the Apple upon boot.
Just adding this in mainly for users who dumped their SHSH blobs. On the initial boot, the Apple TV may have a black screen for 60 seconds after setting up the Apple TV. This is normal.
Download Sn0wbreeze v2.9.3