Good news once again!!
iH8snow while updating their jailbrak tool Seasonpass, have also updated jailbreak utility SnowBreeze. The new version is called 2.9.6, that would add untethered jailbreak support for the new ATV firmware 5.0.2.
It may be added that unlike SeasonPass which only adds the support for the new ATV version, this new SnowBreeze version includes a new feature through which Apple TV 2 users can now resize their root partition.
Download Sn0wBreeze 2.9.6 [Direct Link]
PS: Just in case you haven’t updated your Apple TV to the newer firmware version, you can do so by navigating through General > Software Update under the Settings Menu. You can also download the version by direct links (ATV2, ATV3).