iJailBreak.com has released a jailbreak that will work for 1.1.4. Even better it will allow you to jailbreak 1.1.4 from 1.1.4! You don’t have to downgrade and then upgrade back up. The only catch here is that since it uses the ZiPhone jailbreaking method it is only supported on the 8GB iPod Touch. Of course this hasn’t stopped some with 16GB touches from giving it a try (and sometimes, yes, it actually does work!).
So if you have an 8GB iPod Touch or if you’re willing to give it a try on your 16GB version, click this link. Keep in mind that this version does not install the App Pack, so you will have to get that as well.
The process is very easy and the program will guide you all the way to the end. But if for some reason you can’t get it to Jailbreak 1.1.4 on your iPod Touch, post your problem here.