Back in December, a leaked audio recording revealed that Geohot had been looking to sell his jailbreak of iOS 7 for $350,000. In March, Geohot won $150,000 for finding ChromeOS exploits.
Geohot says that towelroot definitely supports AT&T Galaxy S5, Verizon Galaxy S5, Galaxy S4 Active, and the Google Nexus 5. He notes that the AT&T/Verizon Galaxy Note 3 are also supported but might 'have some troubles at the door'. For those with other devices, Geohot says that towelroot should support all Android phone with a kernel build date before June 3.
To install, navigate to http://www.towelroot.com, click the lambda, install the apk, and run towelroot.
It's unclear if Geohot is also working on a jailbreak of iOS 7.1.1 or iOS 8; however, there already have been several jailbreaks demonstrated. Those of you waiting for news on a release can follow iClarified on Twitter, Facebook, Google+, or RSS for updates.