It looks like there is no shortage of jailbreak for iOS 7.1.1, with i0n1c recently teasing one, shortly followed by winocm. Georgia Tech student Yeongjin Jang is now the third person to come forward with a video demonstrating a jailbreak. Maybe more impressive than anything we've seen so far, Jang was able to jailbreak an iPhone 5s.
The jailbreak has seemingly been confirmed by i0n1c as well as our own sources (which is why we took longer than usual to report about this jailbreak)...