Yes Rhodes 5.0.2 works with iOS 8.1 but some problems can report are: Layout breaks with jQuery in some components, and problems with the GPS.
Recalling also that for iOS 8.1 with iPhone 6 and iphone 6 plus new images have been added to splash screen.
My experience is that 5.0.2 as released does not support build with Xcode 6/iOS8.
I use branch 5-0-sp2-stable and that will with with Xcode 6/iOS8 with some caveats. (Won't run the iOS simulator for you, you have to start it manually).
Not sure of release schedule for SP2, believe it is "soon".
Correcting my information I compile my application with Rhostudio 5.0.2 and build the project in Xcode 6 placing the images and events necessary icons.
Thus it can use
I am surprised, as that's not my experience. I found that the Rhodes included in RhoStudio 5.0.2 does not support build with Xcode 6. I looked at the Git commit history, and the build code was updated for Xcode 6 after the release of RMS 5.0.2.
But it has been a struggle to make sense of version numbers. It seems, though, that the GitHub repo is back on track with branches being created that correspond with released and upcoming versions. I don't know, though, how to definitively correlate a release in RhoStudio download with a particular commit.
I re-downloaded RMS 5.0.2 today, and the size corresponds exactly to my previously-downloaded copy, and I was not able to build with Xcode 6 using that.
If it seems to work, great! For those who find it doesn't I recommend you use branch 5-0-sp2-stable from GitHub.