Well known iOS hacker iH8sn0w has posted a new video on his YouTube channel of an iPad 3 (J2a model) running an untethered iOS 8.1.1 jailbreak. This is significant because 8.1.1 patched 3 of the Pangu team's exploits, effectively killing the latest jailbreak.
As usual, just because we have proof that a firmware can be jailbroken, doesn't mean that we're guaranteed to see a public release anytime soon. In fact, it's worth pointing out that iH8sn0w has in the past demonstrated jailbreaks that never saw the light of day.