Apple TV 5.1.1 Software Update Now Available
Right after the release of the eagerly awaited iTunes 11, featuring a totally redesigned interface and improved iCloud integration, along with a much better user experience driven by a cleaner navigation, Apple has published an update for the second- and third-generation Apple TV.

The iOS 5.1.1 firmware number is carries build number 10A831, and is available as a software update for both generations of set-top box. The last software refresh was iOS 5.1, (build 10A406e) and was released back in September, bringing an improved Airplay, iTunes account switching, Shared Photo Stream experience.
With iOS 5.1.1, we hope Apple has patched the issues the Apple TV has been facing lately, ranging from Wi-Fi problems to complete Apple TV failure.
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Looks to be just a security update for a couple exploits… http://support.apple.com/kb/HT5598
Good, I thought is was the only one having issues
apple tv 3 jailbreak pls pls pls.
Since updating my TV3 to 5.1, I cannot resume streaming a video after stopping it unless I restart iTunes. The problem still exists with 5.1.1 and iTunes 11. Frustrating.