Apple released iOS 8.1.1 beta to developers yesterday; this update has fixed exploits used by the Pangu iOS 8.x jailbreak solution. Before Apple releases iOS 8.1.1 public build - which will happen soon - it is advised that you upgrade to iOS 8.1 if you intend to jailbreak your device.

This is a recommended upgrade for those still on iOS 7.x waiting for tweaks to be updated for iOS 8.x JB. If you are planning to jailbreak your device on iOS 8 in future, upgrade it to iOS 8.1 through iTunes as you might not be able to jailbreak once iOS 8.1.1 is released. While nothing is for certain at the moment and Pangu team might spot some other exploits, 8.1.1 is surely fixing the current solution, as Saurik has also confirmed. You may wait for jailbreaking on iOS 8.1, but at least do upgrade your mobile OS to the latest build to be able to jailbreak it at a later date.

iOS 8.1 update via iTunes:

For those of you who had updated to iOS 8.1 via OTA, it is recommended to restore iOS 8.1 using iTunes as it might affect your jailbreaking process. Users on iOS 8.0.x should also consider upgrading to iOS 8.1 even if they have already jailbroken their devices as iOS 8.1 is the latest build supported by Pangu jailbreak solution.

Apple has released iOS 8.1.1 beta to developers. After our tests, it has patched the jailbreak exploit. Anyone who wish to jailbreak, please seize the chance to upgrade to iOS 8.1 and do so before Apple officially releases iOS 8.1.1. - Daneil_K4

You can use these iOS 8.1 IPSW links for your device to upgrade to iOS 8.1 with iTunes. Download these files and select the file via iTunes.

iPad Air 2 (6th generation WiF)iPad Air 2 (6th generation Cellular)iPad Air (5th generation WiFi + Cellular)iPad Air (5th generation WiFi)iPad Air (5th generation CDMA)iPad (4th generation CDMA)iPad (4th generation GSM)iPad (4th generation WiFi)iPad mini (CDMA)iPad mini (GSM)iPad mini (WiFi)iPad mini 2 (WiFi + Cellular)iPad mini 2 (WiFi)iPad mini 2 (CDMA)iPad mini 3 (CDMA)iPad mini 3 (WiFi)iPad mini 3 (GSM)iPad 3 Wi-Fi (3rd generation)iPad 3 Wi-Fi + Cellular (GSM)iPad 3 Wi-Fi + Cellular (CDMA)iPad 2 Wi-Fi (Rev A)iPad 2 Wi-FiiPad 2 Wi-Fi + 3G (GSM)iPad 2 Wi-Fi + 3G (CDMA)iPhone 5 (CDMA)iPhone 5 (GSM)iPhone 5c (CDMA)iPhone 5c (GSM)iPhone 5s (CDMA)iPhone 5s (GSM)iPhone 6iPhone 6 PlusiPhone 4siPod touch (5th generation)

Once upgraded to iOS 8.1, you can jailbreak your iPhone, iPad, or iPod touch using Pangu jailbreak solution:

Pangu 8 1.2.0Windows – [Official, Mirror]Pangu 8 1.1.0Windows – [Official]

Once you have jailbroken, check this list of updated jailbreak apps and tweaks to the latest iOS 8: iOS 8 / iOS 8.1 Compatible Jailbreak Tweaks and Apps – List