Update April 21, 2017 – I had not realized the signing window was already closed. Downgrading is currently impossible and will result in an error. If you are on 10.1.1, just hang tight and block updates!
Update Mar 28, 2017 – tvOS 10.1.1 can be jailbroken after all! There is no ETA at the moment but if you are not currently jailbroken, it would be a good idea to follow the tutorial below to downgrade. If you are already on 10.1.1, just disable automatic updates and be patient. Act fast because downgrading will only work as long as Apple is signing 10.1.1. After the signing window is closed, downgrading will result in an error. Stick around for any future development.
Already jailbroken? – My recommendation is to stay put. There is no reason you should lose your current jailbreak unless you absolutely need the new features from 10.1.1. I myself will opt to lose my jailbreak in order to provide tutorials for everyone. I will keep my fingers crossed hoping for a jailbreak soon.
Source – Twitter
You are now prepared for any potential tvOS 10.1.1 jailbreak releases! Perhaps you now want to install Kodi while you wait. Check out my tutorial here to do that.