Any way i can downgrade ATV3 from 5.1.1 to 5.0.1?

Title says it all.

I accidentally upgraded my Apple TV 3 to the newest iOS revision and wish to downgrade it to iOS 5.0.1

Is there a way to do so?

 

You mean 5.0.2. wich is the version Apple is still signing. Just follow the proccedure described here http://forum.firecore.com/topic/8989 without the jailbraking part of course