Almost out of nowhere the Pangu jailbreak appeared. Even though it is not by any known jailbreak developer, I have confirmed it working on multiple devices. Releasing this jailbreak, however, used two exploits that possibly could have been saved for later when iOS 8 is released. The Pangu jailbreak uses exploits that @i0n1c showed at his training sessions.
The Pangu jailbreak should work with the following devices: iPhone 4, iPhone 4s, iPhone 5, iPhone 5c, iPhone 5s, iPod touch 5th gen, iPad 2, iPad 3, iPad 4, iPad Air, iPad mini, iPad mini with Retina Display.
Step 1: Download the latest version of Pangu
Step 2: Plug your iOS 7.1.x device in to your computer’s USB port
Step 3: Run Pangu. You will see weird characters because the you do not have Chinese language files installed.
Step 4: Make sure the checkbox is unchecked, and click the start button.
Step 5: Pangu will ask you to go to Settings > General > Date & Time and disable the Set Automatically toggle. You will then need to set the date to June 2, 2014.
Step 6: The jailbreak process will start. Eventually you will see the Pangu app icon on the Home screen. Tap the Pangu icon to launch the Pangu app.
Step 7: Wait patiently, and the jailbreak will process. The video tutorial is sped up, the whole process takes about 10-15 minutes, so be patient.
Step 8: Once the jailbreak is completed, you should see a “enjoy your new jailbreak message”. Unlock your device, and you should see Cydia on the Home screen.
After this proccess completes, your device will be jailbroken. Enjoy your newly jailbroken device!