New to the forum..

Just bought a Apple TV Gen 2 - It is Jail-broken but has allot of crap on it!

Can i restore (factory reset) from iTunes without updating its firmware as i have to stay on 5.0.2 so that i can jail-brake again

Apple TV (2nd and 3rd generation): Restoring your Apple TV

I will be jail braking and installing XBMC again.