Pangu Team, the guys who brought you the latest iOS 7 jailbreak are back at it again. Just a day after the release of iOS 8.1, they have released a jailbreak for all current iOS devices.
If you are anxious to get started with this you can head over to http://pangu.io/
We are patiently waiting and testing to make sure everything checks out. You may want to hold off on this jailbreak until everything has been verified and tested.
Currently this jailbreak does not install Cydia. Saurik is working on an update, but this jailbreak currently only gives you ssh access and is meant for developers to test and update their apps.