Seas0nPass has been updated to support a TETHERED jailbreak of the new AppleTV 4.4 (iOS 5) software released on 10/12/2011 (also supported are the new minor updates - 4.4.1 released on 10/17/11 and 4.4.2 released on 10/24/11). Full details on what's new in 4.4, status of 3rd party features, and how to update are below.
Seas0nPass
Should I update?
Currently the jailbreak for 4.4+ is tethered, which is a bit less convenient than an untethered version. If the features added in 4.4 excite you it may be worth updating; however, the previous 4.3 version will continue to be supported so updating is not required.
The full list of changes included in 4.4 is below:

  • AirPlay Mirroring: Now with video mirroring – wirelessly stream what’s on your iPad 2 screen to your HDTV.
  • Photo Stream: View photos recently taken on your iOS device and pushed to your Photo Stream in iCloud.
  • Trailers: A whole new way to browse and view hundreds of the latest theatrical trailers.
  • National Hockey League: Watch live games. View highlights, scores, and more.
  • Wall Street Journal Live: Watch up-to-date news, business commentary, and financial analysis from leading experts.
  • http://appstore-iphone.blogspot.com/...ppletv-44.html