Now that pod2g has done the heavy lifting and released an untethered jailbreak for iOS5, the Seas0NPass tool has been updated for your untethered jailbreaking pleasure on Apple TVs running even the latest 4.4.4 update. Redmond Pie has a full walkthrough and how-to that should help you get things going, so that you no longer have to choose between extending your device's capabilities beyond Apple's
