Following up on their promise, the Pangu Team has now released a jailbreak for the fourth-generation Apple TV. The tool can be downloaded from our Downloads page and instructions on how to use it will soon be available on iDB.
It must be noted that this jailbreak tool comes with strings attached. As the Pangu Team had warned, this jailbreak is more geared towards security researchers and developers. End users will see no real value in this jailbreak, at least for the time being.