UPDATE 2 (06/24/15): You can jailbreak up to iOS 8.3 using the TaiG jailbreak tool v.2.0.
UPDATE: You can now jailbreak any device running iOS 8.1.1 using the TaiG jailbreak tool.
It is possible to jailbreak any iPad or iPhone running iOS 8 to iOS 8.1 using the Pangu jailbreak released on October 22, 2014. Supported iPad models include the iPad 2, iPad 3g, iPad 4g, iPad Air, iPad Air 2, iPad mini, iPad mini with Retina display and iPad mini 3. Devices running iOS 8.1.1 or later will not support the Pangu jailbreak.