UPDATE: Works on iOS 7.1.2 as well.
The Pangu team has updated iOS 7.1.1 untethered jailbreak utility to version 1.1.0. They added support for Mac OS X and English version, fixed several bugs (including boot loop bug) and removed the ability to install pirate appstore (PPSync) from English version. Unfortunately to jailbreak community they also used another new exploit instead of i0n1c’s one used in v.1.0. This is no good, since Apple might both in iOS 8 or even iOS 7.1.2.