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.
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.
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The P0sixspwn jailbreak tool has been updated with support for iOS 6.1.6 for the 3GS and iPod Touch 4th generation. It also brings crash fixes when using iTunes 11.1 or higher