When trying to access content, such as Netflix, on the second generation Apple TV, a message appears stating "An error occurred loading this content - Try again later".
With the Apple TV turned on, hold the menu button and the down button on the Apple TV remote for at least 10 seconds.
The issue appears to be the result of an issue residing with the local cache of the Apple TV. This approach appears to clear out the local cache on the Apple TV. Simply allowing the Apple TV to go to sleep does not clear out the local cache.