With every iOS update, the jailbreak community is often disbanded temporarily. This is due to a huge percentage of them who accidentally updated their device to the latest iOS. Such a mistake is often undoable and they will have to wait until the next jailbreak arrives.
The latest iOS 7.1 has created a similar scenario as many reports on iPhone users losing their jailbreak after mistakenly updated their device. However, there is a way to undo that action and the iTunes is required for it.
This downgrade will bring the device back to iOS 7.0.4 and the firmware download is available on various website. As for how to do it, users can follow the instructions below.
1. Connect your device (iPhone 4,4S,5,5s,5c) to the computer and launch iTunes (latest version)
2. Boot the device into DFU mode by pressing the Power and Home button simultaneously for about 10seconds. After that, release the Power button only and iTunes will read that the phone is in recovery mode.
3. Hold the shift key on your keyboard and select restore on iTunes. (Alt/Option key for Mac).
4. Select the files downloaded earlier and the installation should commence and complete accordingly.
At the moment, this is the only possible way to perform the downgrade. Until the team of Jailbreakers announce on the risk of the 7.1, iPhone users will just have stay patient and avoid updating their phone.