Pangu can jailbreaks your iDevice and installs the latest Cydia by default.The tool allows you to do an untethered jailbreak on iOS 8.1 (iOS 8.0-8.1) on most iDevices.

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Pangu jailbreak tool supports the following iOS 8.1 devices:
  • iPhone 6, iPhone 6 Plus, iPhone 5s, iPhone 5c, iPhone 5, iPhone 4S
  • iPad Air, iPad 4, iPad 3, iPad 2
  • iPad mini, Retina iPad mini
  • iPod touch 5G
How to jailbreak iOS 8.1 on your iPhone or iPad with Pangu:
Step #1: If you have upgraded your device to iOS 8.1 by OTA, jailbreak will fail. It’s important to take a backup of your device using iTunes and then restore your device to iOS 8.1 through iTunes.
Step #2: Disable Find My iPhone from Settings -> iCloud -> Find My iPhone
Step #3: Go to Settings, scroll down and tap on Touch ID & Passcode, then tap on Turn Passcode Off to disable Passcode. (on non-Touch ID devices, the setting is Passcode).
Step #4: Put your iPhone/iPad in Airplane Mode.
Step #5: Download Pangu jailbreak tool from here. (Pick the right version: Windows or Mac)
Step #6: On Windows, right click on the tool and click on the “Run as Administrator” option. On a Mac, double-click the .dmg file, and then right-click and click Open on the executable.
Step #7: Click on Start Jailbreak.
Step #8: Click on Already Did (because you completed the checklist in initial steps). The jailbreak process will start.
Step #9: During the jailbreak, your iPhone will show a ‘Slide to Upgrade’ screen. Just slide and let Pangu do the rest of the job.
Step #10: After a couple of reboots, Pangu and Cydia should be installed. Wait till your iPhone completely reboots.