The jailbreak community is at risk of malware following a release of a proof of concept that demonstrates it's possible for a tweak to permanently brick your iPhone.
Pod2g has announced that Planetbeing, MuscleNerd, and P0sixninja have joined his effort to release an untethered jailbreak of the iPhone 4S and iPad 2.
Apple has stopped signing iOS 8.1.1 beta 1 -- without releasing beta 2, indicating that an official release is imminent. Once iOS 8.1.1 is released, you will no longer be able to restore to iOS 8.1 and jailbreak your device.