Updating from 5.0 Tethered to Untethered

Hey guys I just want to know the best methods or steps to upgrading my tethered ATV2 to the newest version?

 

If I have this right I should first make a backup of my apps or settings in maintenance area?

Do a restore in ATV to factory defaults?

Restore on iTunes?

Re-install everything from scratch…

 

Thanks guys!

Can anyone give me some advice on what to do? I want to get this done today…

 

i just used season pass the newest one at the time.right clicked on create ispw chose the new untethered( in my case i used 5.09b206F) then i used atv flash (black) and installed the rest of my programs from their.  [note i did not up grade to the new firmware first, season pass does that when you create your ispw

Hi All, what entries or not are required in the hosts file when installing a Untethered verion to 5.02 Apple TV2, I am getting error 3194, i had a tethered version on previously which I have restored to latest version, before installing latest Untethered version 0.8.6.6765

Thanks in advance for advice