It has been a long time since there has been some activity on the jailbreak front. Apple has made it quite hard for jailbreak developers to break into the software now, so there’s not much activity now like there used to be before. However some folks are still working on this and a Chinese team has been able to achieve iOS 8.1 jailbreak but not without caveats.
The iOS 8.1 jailbreak comes from the Pangu jailbreak team which burst on the scene a few months back with the iOS 7.1.x jailbreak. It took some time for people to warm up to this release since the Pangu team was unheard of and many had suspicions about it.
Regarding caveats, keep in mind that this jailbreak is geared more towards developers as opposed to the general public. However this would give them the chance to update their applications and softwares for the new operating system. Another big caveat is that Cydia is not working as yet though work has already begun to make it compatible with the release.
Pangu jailbreak team has only released the iOS 8.1 jailbreak tool for Windows right now so Mac OS X users will have to wait. The tool itself is only available in Chinese language only so you’ll have to wing it if you don’t know the language, or read Pangu’s tweets to get some idea of what you’re supposed to do.