**Currently, only a tethered jailbreak is possible on the 5.0 firmware***
Download the latest version of SeasonPass from here.
Extract the archive you downloaded. Then double click the extracted executable to launch it.
Click the Create IPSW button from the main screen.
Seas0nPass will now download the latest Apple TV firmware file
Seas0nPass will create a custom IPSW file for you.
Once your custom IPSW file has been created, Seas0nPass will ask you to connect the Apple TV to your computer via a micro-USB cable and use the remote to put it into DFU mode by holding MENU and PLAY/PAUSE for 7 seconds. It may take a few tries to get the Apple TV into DFU mode.
Once your Apple TV has been detected in DFU mode, Seas0nPass will upload some files, automatically launch iTunes, and beginning restoring to the new firmware.
To boot your Apple TV you will need to follow these instructions.
Launch Seas0nPass by double clicking its icon.
Select Boot Tethered from the main menu.
Connect the Apple TV to the computer via USB, plug it into the power outlet, and hold MENU and PLAY/PAUSE on the Apple TV remote for 7 seconds.
Seas0nPass will detect the device in DFU mode and begin the boot process.
Once the tethered boot is complete you can remove the USB cable and connect the HDMI cable to begin using your jailbroken device!