An unexpected untethered jailbreak for the latest iOS 7.1.1 has been released by a team of Chinese hackers. They include dm557, windknown, ogc557, and Daniel_K4. They call it Pangu. It is available for all devices capable of running iOS 7.1.1. Unfortunatly the app is all in Chinese, so unless you have Chinese languages installed on your computer, it will look like just a bunch of garbled text.
MuscleNerd and other members of the Original iPhone Dev Team and Evad3rs say that it is save to install. There is a check box in the app that will install a piracy app store, so you will probably want to uncheck that if you use this tool to jailbreak.
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