Tech Giant, Apple has published their update for Second And Third Generation Apple TVs. For updating your Apple TV to the version 5.0.1 (9B206f) you have to simply switch on the device and initiate the updating process if the device is not asking you to do so.
As per the report of 9to5Mac, Apple has also published direct download links of 5.0.1 updates for Second and Third Generation Apple TV. And you can download those updates from following links
While describing the update in their website, Apple added that the update will bring fixes to AirPlay, Netflix, Home Sharing, and more. It also includes HD previews for movies and TV shows on the iTunes Store. But if you have jailbroken your device, you will have to stay away from this latest update.