How to Jailreak the Latest Version of iOS?

Ever get tired of paid apps? Only get limited free apps for your phone? Wants to play the latest paid app by apple for free? Jailbreaking your iOS device is the key to enjoy all apple applications for free. The question now is, how do you jailbreak an iOS device?

The latest iOS to date, iOS 7.1.1 can now be jailbreak with the use of the latest jailbreak software made by the group of Chinese hackers which called themselves as the "Pangu".

Pangu jailbreak is compatible with the following iOS devices: iPhone 5s, iPhone 5c, iPhone 5, iPhone 4S, iPhone 4

iPad Air, Retina iPad mini, iPad 4, iPad 3, iPad 2, 

iPod touch 5G

How to Jailbreak iOS 7.1 and iOS 7.1.1 using Pangu?