Today is a big day! iOS 10.1.1 Jailbreak has got it's first Betas (now counting to 3) a couple of hours ago, and is available publicly as an IPA that you can install.
This is qwertyoruiop's version of the Google Project 0 (Ian Beer's) mach_portal project released a couple of days ago. Ian Beer's exploits were for sandbox escaping, shell root access and codesign patching while qwertyoruiop worked on top of these exploits and added Read / Write access for the File System and a couple new exploits.
As for now, it is in Beta stage, which as qwerty stated, is only intended for Developers. Of course, a finished variant that anybody can use with no risks is bound to come, but this beta is for the moment, as I am making the video only compatible with iPhone 7 and 7 Plus on iOS 10.1.1 and iPhone 6S and iPad Pro on 10.1-10.1.1
This is still not a finished Jailbreak, but it is a big step ahead, it is the first IPA version which means that now Windows users can also install it and MAC users don't need XCODE anymore.
It also comes with Rread and Write access over ROOT FS which means you can now remove / modify things up inside the system. It also comes with SSH daemon (be careful).
To sum up, this is nothing more than Google Project 0's Jailbreak released a couple of days ago, but in an IPA format and with RW access and of course a couple more exploits to sustain that.
It is NOT untethered and will never be according to qwertyoruiop.
I will keep you update once a FULL jailbreak (the final version) of this comes out. Be careful with this beta, it can easily kill your device and force you to restore.