I have Jailbroken my ATV 2 with the latest iOS 5.0.2.
My first try failed. But the second try is easy. The Jailbreaking process has becoming so much easier these days. Now I can Airplay my videos, photos and music from everywhere using my iPhone, iPad and Macbook Pro Retina.
Now about time to install XBC. See source below.
Source: HOW-TO:Install XBMC on Apple TV 2 - XBMC