This afternoon Apple released a new software update, 5.0.1, for the second (2010) and third (2012) generation AppleTV.
The update is minor and focuses on iTunes previews, AirPlay fixes, Netflix, and overall stability.
Apple TV Software Update 5.0.1
iTunes previews – Previews for movies and TV shows from the iTunes Store can now be viewed in HD.
AirPlay – Fixes an issue that caused some iOS apps to have trouble connecting via AirPlay.
Home Sharing – Improves the reliability of Home Sharing connections.
Netflix – Addresses an issue affecting Netflix login and navigation.
Stability and performance – Includes fixes for issues affecting stability and performance.
The update is available now and can be applied through the AppleTV by navigating to Settings > General > and Update Software.