Back in May, FireCore had released a new version of Seas0nPass that allowed users to jailbreak their Apple TV 2 on Apple TV 5.0.1 (iOS 5.1.1) software update. But Seas0nPass was not compatible with Apple TV 3.
Fast forward to today, and there is still no way to jailbreak Apple TV 3, but there is finally some hope, as 9to5Mac recently reported that the jailbreak for Apple TV 3 is in the works.
We learned from someone with close knowledge of the project that a jailbreak for the third-generation Apple TV is indeed in the works. There are just a handful people working on the jailbreak. While it is not complete, at least one method to jailbreaking is currently being chased in the hopes of big results.
There is a group of very bright and talented individuals working on a lead that could result in a usable jailbreak for the 3rd gen Apple TV. While there is no telling how long this process could take, we remain optimistic that a jailbreak for this device will be available in the future. For the record, no one at FireCore is involved in the jailbreak discovery process.