Whether you believe it or not, a free jailbreak tool not only for iOS 7.1.1 but also iOS 7.1.2, named PanGu has appeared from nowhere available only for Windows so far. This jailbreak solution is the work of a team from Asia and it seems that is based on a series of exploits presented by @i0n1c (famous hacker) in a conference.
According to hacker @iH8sn0w, PanGu tool is 100% legit. Pretty interesting given that we are talking about an iOS 7.1.1 jailbreak solution developed in Asia. Even so, it is recommended to avoid it for now until it is thoroughly checked.
iH8sn0w also noted that the future operating system iOS 7.1.2 has not been forgotten by PanGu developers. Theoretically, after updating your device to iOS 7.1.2 you will be able use PanGu to jailbreak again. Unfortunately you will have to update your device through iTunes because the Software Update is not possible.
I love how it already has code to work on 7.1.2 =P
— iH8sn0w (@iH8sn0w) June 23, 2014
The bad news is that PanGu features an App Store for pirated applications, which can be removed from Cydia but not without issues. Some users who tested it had trouble rebooting their terminals after jailbreak, PanGu plunging them in an infinite boot loop.
Even so, PanGu appears to be safe for use.