The jailbreak, which has not yet been released, is unique in that it uses a kernel bug which is hidden inside functionality that can be easily reached, even from within the iOS application sandbox. You can learn more about how the jailbreak works here.
I0n1c says, "The story of the #Cyberelevat0r iOS 7.1.1 jailbreak is a story full of misconceptions and misinformation."
We are hopeful that a jailbreak for iOS 7.1.1 will eventually be released to the public as i0n1c, winocm, and GTISC have all developed their own jailbreaks. Any release would likely happen after confirming whether or not the exploits exist in iOS 8.
Please follow iClarified on Twitter, Facebook, Google+, or RSS to be informed as soon as there are any further developments. If you haven't already you can check if your device can be jailbroken by visiting the iClarified Jailbreak Wizard.