People looking to jailbreak their new Apple TV can now do so with relative ease thanks to Greenpois0n and the new command line tool known as PwnageTool.
The v2 AppleTV runs on the same iOS that Apple uses for all its mobile devices, and shares the custom A4 chip used in the iPhone 4, the iPad and the latest iPod Touch.
Greenpois0n, like other jailbreak exploits, hacks the operating system to give the user access to the file system, and from there the ability to install third-party applications.
PwnageTool allows you to restore to a custom IPSW file. For instance, you can restore to a pre-jailbroken firmware while simultaneously maintaining your current baseband.
There hasn't been alot of other information released about exploit, except that is possible but expect more news soon.