Yes, you can use the Taig jailbreak tool to jailbreak your iPhone on iOS 8.1.2. The same tool used for iOS 8.1.1 has been updated to cover ios 8.1.2. You can find the link in the first post in this thread from our sister forum, iPad Forums. iOS 8.x Jailbreak Status Apple iPad Forum
The jailbreak status thread on iPhone Forums hasn't yet been updated.