It’s available immediately over the air (OTA) and should show up soon as a download through iTunes. It’s a minor update with bug fixes that follows Apple’s last major release, iOS 7.1.
Apple’s brief change log for the iOS 7.1.1 update has further improvements to Touch ID fingerprint recognition, fixes a bug that could impact keyboard responsiveness and fixes an issue when using Bluetooth keyboards with VoiceOver enabled.
Source: BGR