A reddit user, claiming to be an Apple associate, said that his team was briefed on a public iOS 8.1.1 sometime this week.
Just got back from work and we were told in a meeting today that a public update to 8.1.1 will be distributed within this week. Just a heads up to us Apple Associates for common troubleshooting scenarios we might come across from our customers. I advise you to update to 8.1 now before the window closes!
Of course, the possibility that Apple is simply prepping iOS 8.1.1 beta 2 is still on the table. After all, this is the first iOS x.x.1 release that Apple has released a beta.
It is unclear if the PanguTeam has another exploit which can be used for iOS 8.1.1 so we strongly recommend that you update to iOS 8.1 now and jailbreak while you still can. You can find instructions on how to jailbreak your device using our wizard
Update: Apple has resumed signing iOS 8.1.1 beta 1.