Apple has seeded the first beta of iOS 8.1.1 this evening, with build number 12B432. The release comes just a few hours after Apple pushed out the first beta of OS X Yosemite 10.10.1, and roughly two weeks after it officially launched iOS 8.1 to the public.
Folks who are jailbroken may want to hold off from updating, until it's clear that this won't hamper the Pangu Untether in anyway. Otherwise, feel free to check it out, although you'll likely disappointed—we're not expecting much more than bug fixes here.