Shortly after the iOS 5.0.1 untethered jailbreak release, we now have a newly released Seas0nPass update that will give your Apple TV on iOS 4.4.4.
Download Seas0nPass and run it.
Open Seas0nPass and then select Create IPSW.
Connect your device into your computer using the microUSB and then follow the on-screen instructions to enter DFU mode.
iTunes will automatically open and begin the restore process. Once that is finished, you should see the Firecore logo in the bottom right which indicates that you’ve jailbroken your Apple TV successfully.