As pointed out by i0n1c, a well-known security researcher in the jailbreak community, yesterday's release of iOS 7.0.5 does not patch the evasi0n7 jailbreak. iOS 7.0.5 was released to correct network provisioning for iPhone 5s and iPhone 5c units in China, and not much else. With that being said, it was a very minor update.
The evasi0n7 jailbreak for iOS 7.0-7.0.4 and some versions of iOS 7.1 beta will not work with iOS 7.0.5 out of the box at this point in time. As noted by i0n1c, the user can easily edit the iOS version build number to trick evasi0n7 into being able to support iOS 7.0.5:
To make evasi0n work with iOS 7.0.5 one way is to patch 11B511 into 11B601 in the binary. Ehmm btw… the patch are not hex bytes but simple ASCII iOS build numbers that need to be fixed.
The upcoming iOS 7.1 update is not susceptible to evasi0n7, as a code signing bug that was used in evasi0n7 was fixed in iOS 7.1 beta 4 and will carry on to the public release.
Fort those that are happily jailbroken on iOS 7.0-7.0.4, there is no good reason to update to iOS 7.0.5 unless you're one of those affected by the network provisioning issue, so you can hold off, but for those that already updated, this news points out that there is hope and all is not lost.
Sources: i0n1c via Cult of Mac