iH8sn0w, the iPhone jailbreak developer, has released Sn0wbreeze 2.7.2 to bring untethered jailbreak to Apple TV 2G devices. Earlier today, Apple released iOS 4.2.2 firmware update for Apple TV, and fortunately it is still vulnerable to i0n1c’s exploit.

Sn0wbreeze 2.7 version was actually developed to support iOS 4.3.3 firmware, but now Apple TV 2G users can also use the updated tool to jailbreak the latest software update. Since Sn0wbreeze is a Windows tool, you can’t run it on Mac platform.
For Mac users, iPhone Dev team has released PwnageTool bundles. These bundles can be used with PwnageTool 4.3.3 to jailbreak iOS 4.2.2 firmware.
Download Sn0wbreeze 2.7.2 to jailbreak Apple TV 2G iOS 4.2.2
[We've removed the downloadable links from our site due to policy violation issues. Sorry for the inconvenience.]
Download PwnageTool Bundles for Mac
[We've removed the downloadable links from our site due to policy violation issues. Sorry for the inconvenience.]
