Seasonpass has been updated to jailbreak Apple TV running iOS 4.3.1 (4.2.1). Currently iOS 4.3.1 jailbreak using Seas0nPass is tethered and it requires the Apple TV to be connected with the PC for successful reboot.
Seas0nPass for Windows
SeasonPass for Mac
A micro USB cable
STEP 1: Extract Seas0npass zip content on desktop and start Seas0npass app.
STEP 2: Select Create IPSW option, and Seas0npass will download latest iOS 4.2.1 (4.3.1) for Apple TV to create iOS 4.3 custom firmware
STEP 4: iTunes will open automatically and start the restore process.
STEP 5: iTunes will confirm the restore when complete – your AppleTV is now jailbroken. Please proceed to the ‘tethered boot’ section below.
Tethered Boot Apple TV 2G 4.2.1 (4.3.1) Using Seasonpass
STEP 1: Disconnected Apple TV from PC/Mac if it is connected.
STEP 2: Start Seas0nPass and select the ‘Boot Tethered’ option.
STEP 3: When prompted, connect the Apple TV to your computer via MicroUSB cable. Wait for the rapid flashing light then connect the power. Once both are connected hold both the ‘MENU’ and ‘PLAY/PAUSE’ buttons for 7 seven seconds to enter into DFU mode.
STEP 4: Seas0nPass will complete the tethered boot automatically and your jailbroken Apple TV 2G will boot in tethered boot mode.
Congrats you have succesfully jailbroken your Apple TV 2G running on iOS 4.3.1 (4.2.1) by using Seasonpass.