Well no need to speak any further, you can directly download Seas0nPass 4.4.4 to start untether jailbreak Apple Tv 2G 4.4.4 on iOS 5.0.1 firmware:
Download Seas0nPass 4.4.4 Untethered for Mac OS X
Download Seas0nPass 4.4.4 Untethered for Windows
Important: If you're already running a tethered version of 4.4.4 you will need to re-jailbreak using Seas0nPass to take advantage of the new untethered version.
Update: here is how to untether jailbreak Apple TV 2G 4.4.4 using Sea0nPass.