Virgin 5.1.1 (5.0.2) Gen 2

I have had my old AppleTV working for some years now and just got access to 2 Gen Apple TV running 5.1.1 (5.0.2). What are my options for jailbreaking?

After countless house, I think my answer is nope! No saved blogs saved. Is the only option is to upgrade to latest with tethered.

I would save your blobs with ifaith. Then use snowbreeze to jailbreak it. If you are still able to save the blobs not all hope is lost.