The Seas0nPass jailbreak tool has been updated with support for the Apple TV on iOS 4.4.2. Apple pushed out the minor 4.2.2 update for the Apple TV 2G a few days ago.
Seas0nPass supports a tethered jailbreak for iOS 4.4.2, meaning that you will have to re-jailbreak every time your Apple TV reboots. More details after the break...