The 1.1.4 jailbreak is pretty simple as well. There are two programs that do it, iLiberty and Ziphone. I recommend Ziphone personally though some people claim using using Ziphone on an iPhone to unlock it does bad stuff so if you have an iPhone, use iLiberty. Also I recommend the Ziphone 2.6b version because it has never ever failed me on my iPod Touch and seems to be the least buggy.
I shall start with the Ziphone way.
Restore your iPod to a fresh 1.1.4 firmware and then click on the ziphone.exe file. Then its pretty straight forward.
You choose what you want to do, if you have an iPhone and want to unlock, ativate and jalibreak click the first, only jailbreak (which works with iPod Touchs) or only jailbreak and activate.
Click on the one you want and let it work.
I used the iLiberty way once and it worked well as well. You can get it from here.
Again it is pretty straight forward.
You just select the things you want to do. An advantage of using iLiberty is you can add custom payloads.
Anyways, choose one and then you shall have a jailbroken 1.1.4 iPod Touch/ iPhone.