Apple has just released Apple TV software update 5.1 (build number 10A406e) for 2nd and 3rd generation Apple TV.
It brings new features such as support for Shared Photo Streams, ability to send audio content from Apple TV to AirPlay-enabled speakers and devices, and the ability to save multiple iTunes accounts and switch between them quickly.
Here’s the list of new features and improvements according to the release notes:
Shared Photo Streams – Accept invitations for Shared Photo Streams, browse photos and comments, and receive notifications of new content.
AirPlay – Send audio content from Apple TV to AirPlay-enabled speakers and devices (including AirPort Express and other Apple TVs). Also includes the ability to require an onscreen code to use AirPlay with your Apple TV.
iTunes account switching – Save multiple iTunes accounts and switch quickly between them.
Trailers – Search movie trailers. In the United States, see show times for local theaters.
Screen savers – New Cascade, Shrinking Tiles, and Sliding Panels screen savers.
Main menu – Reorder icons on the second page by holding down the select button on the remote.
Subtitles – SDH support for the deaf and hard-of-hearing as well as improvements to viewing and selecting subtitles.
Network configuration – Support for setting up advanced network options using configuration profiles. See http://support.apple.com/kb/HT5437 for more information.
Stability and performance – Includes general performance and stability improvements.
Jailbreakers should avoid upgrading to Apple TV Software update 5.1 (iOS 6).
If you don’t care about jailbreak then you can install the update directly on Apple TV via the Settings menu.