Following the release of the first OS X Yosemite 10.10.1 beta, Apple recently rolled out the first iOS 8.1.1 beta to developers. iOS 8.1.1 is the updated version of iOS 8.1 which was released to public two weeks back and included support for Apple Pay, SMS forwarding to Yosemite, iCloud Photo Library Beta and more.
The iOS 8.1.1 beta, classified as build 12B432 is packed with bug fixes as well as stability and performance improvements for older devices like the iPad 2 and the iPhone 4S.
Folks who are jailbroken will have to wait before updating because it is unclear whether 8.1.1 patches Pangu exploits or not. You will be updated as soon as Pangu team makes this clear. iOS 8.1.1 can be downloaded by signing into iOS Dev Center.