If you wish to jailbreak now, or in the future, it is recommended to update to iOS 8.1 through iTunes. If you have done a software update from the device itself (OTA), then it is recommended to do a fresh restore of iOS 8.1 before iOS 8.1.1 is released.
You will be unable to go back to iOS 8.1 once iOS 8.1.1 has been released.
It is unclear at this time if the Pangu team have another exploit for iOS 8.1.1 which they will use, however according to past jailbreaks, this is unlikely that they will use another exploit for a minor firmware revision.
You can find instructions on how to jailbreak your iOS 8 device here.
Everyone who wants a jailbreak, update your devices to iOS 8.1 now while you can. 8.1.1 patches the current Pangu exploit.
— Elias Limneos (@limneos) November 4, 2014