UPDATE: Saurik has added the iOS 8 version of Cydia as a downloadable .deb file to his website. You can download the new version of Cydia here or wait until the Pangu Team bundles it with a new version of their iOS 8 jailbreak.
Team Pangu, the Chinese team of hackers behind the iOS 7.1 jailbreak, has released a limited jailbreak for iOS 8.x devices to their website. The jailbreak is "limited" because it does not install Cydia to your device, making the jailbreak basically pointless for casual users. The main reason the new jailbreak doesn't come with Cydia is that the application hasn't been updated for iOS 8. However, Cydia creator Saurik is working on an update and you can follow his progress via Reddit.
According to the Pangu website the new jailbreak supports all devices running iOS 8 – iOS 8.1. This includes the fifth-generation iPod touch, iPhone 4s and later, iPad mini 1 - 3, and iPad 2 and later. While this is exciting news for the jailbreaking community, casual users should treat this as a developer version only. Not only is a jailbreak without Cydia pointless to casual users, this version is also only compatible with Windows computers and there is currently no English translation available.
Users who have been waiting to jailbreak their iPhone 6 or who have been stuck at iOS 7.x should wait a little longer until the Pangu Team releases a final version of their jailbreak. You can follow the Pangu Team and iPhoneFAQ on Twitter for future updates.If you can't wait and need to install Pangu for iOS 8 right now, make sure you backup your device and read all of the Pangu Team's instructions on their website and Twitter.