Apple tv2 does not output in 1080p, only apple tv 3 does. Apple tv 3 will be able to be jailbroken sometime soon.

any clue how soon will it be? 
Cheers

What iOS version you've on your ATV? if it still at 4.4.4, then yes..

If software running 5.0? Possible to reinstall to 4.4.4 then JB?

few weeks back my ATV2 gone crazy, when open the tv goes blank. big thanks to Aceedburn for the help..

which version of iOS for Apple TV 2 is possible to jailbreak?

My pleasure.

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Added on March 28, 2012, 11:56 am
Up to 4.4.4

Read the FAQ here, it should've the way to do the JB on ATV2:

http://forum.xbmc.org/showthread.php?tid=99315

Noted the site but since I am MAC I will just hv to hunt for a Windoze machine

Q: How do I jailbreak an older version?
A: This process will let you install/jailbreak any version of the ATV2 software that's either a) still being signed by Apple or b) that you have SHSH blobs for.
update iTunes to the latest version
save your SHSH blobs if you haven't yet
download the iOS firmware file
if the version you want to install isn't being signed by Apple (they typically only sign the latest version and sometimes one previous version), open Tiny Umbrella and start the TSS server (assumes you have SHSH blobs for the version you're installing)
get Seas0npass and follow the guide EXCEPT Option-click (Right-click in Windows) the "Create IPSW" button to select an older iOS firmware file or you'll be upgraded to the most recent iOS version, also remember to only plugin the microUSB cable (not the power cable)
prevent updates from crashing XBMC
if you run into problems, review the troubleshooting tips and try to jailbreak again
Seas0npass may not change the ATV menu. You'll need to ssh to your ATV2 (using Putty under Windows, or Terminal on the Mac, see below) to verify it's been jailbroken and to load additional software, e.g. wget, XBMC, nitoTV (install info below), etc. Alternatively, you can use Greenpois0n (video tutorial) or Pwnagetool.